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Posted: Wed Aug 24, 2016 1:18 pm
by Steve.02
Hi at the end of the 5 year period and have paid what was said on IVA excluding PPI payments which were extra (but slightly less than 18 k still left from original debt) but live alone on income from second property. No DSS being claimed. There is equity in second property. Not working. Can't remortgage as had arrears with lender and service charge and can't get loan. Will they use equity clause and make me sell? Can't afford to make any more regular monthly payments going forward. Girlfriend helping me out though not borrowing. If I sell no income. Thanks
Posted: Wed Aug 24, 2016 1:23 pm
by Foggy
This should have been disclosed at the start of the IVA and the details of what they expect from the property included in the agreement. Was the second property disclosed to the IP ?.
Posted: Wed Aug 24, 2016 1:23 pm
by kallis3
HI,
If you have equity of over £5k then you will probably have to continue on with your payments for another 12 months in lieu of that equity.
Check exactly what it says in your original paperwork. Have you had the property valued?
Posted: Wed Aug 24, 2016 1:26 pm
by kallis3
Posted: Fri Aug 26, 2016 3:37 pm
by Steve.02
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
This should have been disclosed at the start of the IVA and the details of what they expect from the property included in the agreement. Was the second property disclosed to the IP ?.
Yes it was disclosed and it's income was the basis for my monthly repayments.
Posted: Fri Aug 26, 2016 3:52 pm
by kallis3
You need to speak to your IP about your issues Steve.