Checking equity on re mortgage at end of IVA

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toni820

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Post by toni820 » Wed Apr 12, 2017 7:46 am
When looking at re mortgage at the end of the IVA term it states that each gets a share of equity,
I am being told different by my advisors.
I have checked this on money saving expert and it states you get £5000 each.

Foggy

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Post by Foggy » Wed Apr 12, 2017 8:00 am
The majority of arrangements -- and the majority of IPs -- work on your share of equity being more than £5000. If you have interlocking IVAs then that should be £5000 each. But a few IP's dispute this and it will come down to the exact wording used in the proposals or Chairman's Reports.

Personally, after checking my paperwork, I would challenge this with them and speak directly with the IP, not his admin staff. Then follow this up with a complaint, escalated to the regulators if need be.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Lisa Thomas

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Post by Lisa Thomas » Wed Apr 12, 2017 10:23 am
I agree with Foggy - my understanding is that it is each parties interest having to be over £5k so if you are in interlocking IVAs then your equity would need to be over £10k for the clause to kick in.

Have a careful look at your paperwork and the wording used.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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