www.iva.co.uk

my wife has down 30000 deposit and 8000 mine
they are saying that now the 45000 equalty is to be spit in half put her debt is only 13000 is this normal in joint iva cos i dont want to sign this without getting some outside advice
thank you for your help peter

Hi peter - sorry not sure I understand your post - can you explain in a little more detail for us - thanks

Hi peter - is this for equity release in year 4? It may be that because the IVA proposal shows that you pay 50/50 towards bills then they have split the equity release details.

I don't think it's anything to worry about personally but hang on as Mel or another professional may be about later.

sorry i ment that she had put £30000 down as deposit to my £8000 when we brought the house now they saying that all equity is to be spit 50/50 but she only owes 13000 debt to mt my 35000
please could u advise if u think im being misled if so can i told them the approval is to be changed

Hi. In all probability you hold the title (ownership) as Joint Tenants, which means, irrespective of the amount of deposit each of you has put up, you own the property in equal shares, and if one dies the ownership passes automatically to the other.

they r offering to put foward 18000 as payment in 60 mths but r charging 20% ip fees on payment and equilty approx 12000 and 3600 to 3rd party and looks like final payment in year 5 as remortgage or 3rd party loan or 12 ths extra payment( they reckoning 4% growth in equity in growth pa ) I THINK THEY WOULD BE LUCKY TO GET 2% GROWTH ) is this a fair offer to creditors to except? as there wont be an order in place at time of meeting . ps Are the charges fair im a fair man and want to be fair to creditors as well as the ip as everyone needs to make money

Hi. I assume you haven't had your creditors meeting yet. The charges are likely to be capped at around 15% by the creditors, so they will get a little more in the way of dividend.

Nobody can predict what is likely to happen to propoerty values over the next few years, but I agree any growth worth mentioning will be a long way off yet. Your IP should have learnt from the recent drop in property prices!.

Who are you with ?

RSM TENON
THEY ARE SUPOSSED TO BE A BIG PLAYER
GOING BY WEBSITE"rsmtenon.com"

I am with Tenon and have always found them to be good.And, yes the charges on mine were capped at 15%. They do follow the protocol, and there should eb a clause in your draft dealing with equity. Most proposals dont promise creditors a set sum, just an estimate.

The chances are that you won't be able to remortgage anyway, so you will get the 12 months extension ( which will work out far better for you in the long run)

Me again !!! If you have any doubts please speak to Tenon, they will explain everything to you, as it is in everybodies interests that you go in with eyes open.

so u think they are a good company as im in drafting stage and still reading the proposal have not signed the paper yet and just wanted to make sure i was not getting conned

thank you everyone for your help
and look forward to speaking to all again soon
SOME PEOPLE SAY FORUMS ARE RUBBISH THEY ARE NOT
THANKS AGAIN

No problem Peter. Feel free to ask any questions you wish. Tenon wont con you, but you do have to understand what you are signing up for and you will find them very helpful.

Best of luck and keep in touch.

I know nothing of RSM Tenon and they seem to be the right company for Foggy. Out of interest, how many other companys did you speak to before deciding to go with RSM Tenon? I am certainly not dissing them, but you should have chatted to 2 or 3 companies so you could then decide with the company that you feel comfortable with (from your post I don't get the impression that you feel totally at ease them). Your IVA will last for 5 or 6 years, so you need to be sure you are with the right firm for YOU. With regards to your mortgage problem, ensure that you fully understand what you are signing up to.