www.iva.co.uk

hi .. creditors meeting for my iva will be on may 28th ..though i received some documents explaining everything about it i still have some questions that needs to be answered especially the equity release ...the proposal offer is £560 per month(hoping no mod)46p/£.. my questions is ..if there will be a equity release on my property does it mean i,m going to pay ontop of the 560 per month or just a lump sum payment for the remaining balance example ( 560 x 12 = 6720)wherein £6720 will be taken from the equity release and hopefully after that you will be discharged from paying ....my second question(sorry) is hence the property is a joint one with my wife( not on iva ) .. does it mean the equity release will just be 50/50 .. or they will take it as a whole ... hopefuly somebody can enlightened about this concern of mine .. thanks

Hi jo

You will be expected to pay your monthly contributions untill the 4th year of the IVA.. Sometime in the 4th year you will be asked to try and remortgage to 85% LTV.

Only your share of the equity would then be used to pay as a final lumpsum to your creditors.

You should not be expected to pay more than 60% of the ammount of your monthly contribution on top of what you already pay for your mortgage.

Hope that helps.

Just to add, once the funds from the remortgage have been paid, your monthly IVA contributions will end.

Jo

As I am acting for you, can you please telephone me in the office next week so that this can be explained to you again.

Oops sorry Melanie

melanie .. you,re still awake ???? how do you know ???? can,t believe ....

Mrs Skint - please don't be sorry. I am glad that you are still about giving good advice to the forum posters - and even more so to my own clients!

Jo - if you e-mail me to my personal e-mail when your are available to take a call tomorrow, I can ring you if that is easier and we can chat this issue through again.

thanks .. actually i emailed angela twice about this but no answer ...as she mentioned to me before that somebody will give me a ring an explain this things .. but anyway thanks .. i'm free anytime tomorrw

I feel sure that my Office Manager, Sue, called you to discuss this when we received the documents back from you, and of course you and I had lengthy discussions on the telephone about this as well, but I am more than happy to go through it again with you as it is important that you understand exactly what you are signing up for.

Hi
The IVA should be under the new protocol and this would mean a remortgage at month 54,your payments will continue until month 60 but at a reduced amount[IVA payment less extra mortgage payment]
Regards