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Posted: Thu Oct 20, 2016 12:42 pm
by Fintou
Hi can anyone tell me what happens after the 5 year point if you have your own house.I think I remember them saying you have to have your house valued if there is equity in the house at that point how much of it can they ask for?
Thanks in advance Julie
Posted: Thu Oct 20, 2016 1:17 pm
by Lisa Thomas
Hi. You need to check your paperwork for the exact answer but the standard clause if is your share of equitable interest is worth more than £5k then the 12 month extension clause will kick in.
Posted: Thu Oct 20, 2016 1:28 pm
by Fintou
Hi Lisa thank you for that I have just checked our paperwork and that's what it says. If there is no equity is that the end if the iva arrangement.
Posted: Thu Oct 20, 2016 2:23 pm
by kallis3
If there is no equity then that will be the end of it.
You may well still need to have the house valued to make sure.
Posted: Thu Oct 20, 2016 11:12 pm
by Andy.75
I had 3 valuations from local estate agents and they all agreed to just under 5k equity so no extension was required
Posted: Fri Oct 21, 2016 9:29 am
by Foggy
As Lisa says, the answer lies in your paperwork, as some clauses do vary. Dig out your proposal, pop the kettle on and have a read.