www.iva.co.uk

Hi all

After reading that a lot of people have 6 year IVAs, I wonder... if there is no equity in my home (which I'm sure there isn't) will I be asked to pay for another year to compensate for there not being any equity to release? I have just paid my final payment of 60.[8)]

Thanks for any replies.

I think you have had answers to this on another thread. You need to chase up the IP to make sure that there is no equity.

No - on assumption you have standard terms if your equity is below the minimum of £5k then it won't apply to you so you should be grateful for actually not having equity in your home!

Hi Lisa

Thanks for your reply. I have been on to my mortgage provider this morning and 'we'(with ex partner who is also in an IVA and who is co owner with myself) currently owe give or take a & or two £109,616 on the house and the online valuation I did this morning with Zoopla who I believe Aperture like to use gave me a valuation of £119,477 leaving £9867. Am I correct in thinking that the 85% ltv would be approx £101,500 so we don't have the £5000 each they would require in order to ask for more money either by remortgage or extra payments. I may have misunderstood and have it totally wrong (it wouldn't be the first time)but I hope not.

It depends on the wording of your terms as to whether the equity is calculated based on the LTV or your 'interest' in the property and the split of the equity but if its based on your 'interest' not the LTV then (on assumption you have 50:50 split) your interest would be less than £5k.

Zoopla valuation might not be very accurate but you can always get a more formal one if needed from a local agent.

Also make sure you ask for a redemption statement as this will include penalties and interest etc so might increase the amount due to the Bank...