Page 1 of 1
Posted: Sat Jul 18, 2015 12:17 pm
by Haze
Hi Pepes sorry not been on here for ages. My IVA due to complete next June now pp have said I'll probably be asked to get the value of the property Dec time and if there's £5k to be released then I need to try to remortgage to release it but this will probably be unsuccessful anyway - as I'm in iva - so basically the iva will have to carry on for another year
is this right guys? I'm sad as have been counting down and looking forward to hubby and I finally lookin forward
Posted: Sat Jul 18, 2015 12:49 pm
by Foggy
That is the standard scenario, yes. If the equity comes in at less than £5k there will be no extension or attempt to release and the property will be ignored.
Posted: Sat Jul 18, 2015 3:08 pm
by Oopssidaisies
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
That is the standard scenario, yes. If the equity comes in at less than £5k there will be no extension or attempt to release and the property will be ignored.
Posted: Sat Jul 18, 2015 3:10 pm
by Oopssidaisies
No idea why question had me down as new user. So anyway if there is no 5k in the property will my iva just be automatically be extended to another year then? Thanks for yr help
Posted: Sat Jul 18, 2015 4:07 pm
by Foggy
The usual clause (check yours) is, if your share of equity is less than £5,000 the property is excluded, no attempt to remortgage is needed and no extension.
Only if equity is over £5,000 do you need to try to remortgage or extend by 12 months.
Posted: Sat Jul 18, 2015 6:33 pm
by Oopssidaisies
Ah thanks Foggy I understand now thank you
Posted: Mon Jul 20, 2015 11:20 am
by Lisa Thomas
Hi - consider getting your own valuation if it will help to prove the equity is lower than £5k, which should get you off the extra year requirement.