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Posted: Sat Mar 07, 2015 4:18 pm
by ashnatlucy
I am currently in month 54 of IVA and been asked to get a redemption figure which I received today from NRAM, £165950, we also had a valuation of the property to today which was £169950, we are with Pay plan, our IVA ends in OCT this year, what's happens in our case if we can't release equity as we only have £4000...
Posted: Sat Mar 07, 2015 4:25 pm
by Foggy
Have you got the usual £5000 de minimis clause in your equity release clause ? If so then IVA should end as scheduled.
In fact if they use the usual 85% LTV ceiling you have no equity to address at all.
Posted: Sat Mar 07, 2015 4:38 pm
by ashnatlucy
Hi, yes we have... so hopefully it will end this year...
Posted: Sat Mar 07, 2015 8:13 pm
by Michael Peoples
It should end unless there are any unusual things in the Chairman's Report or the IVA proposal. Well done for getting to the end.