www.iva.co.uk

Hi all
I have about £4000 joint equity in my house at the moment.

Obviously if i go the IVA route i will have 60 months of payments.

Can something be written into the IVA that i would be able to release so much money at the end to increase divendend or will i have to be assessed at the end of the IVA as to how much equity is there?
Thanks
Zoe

Hello again.

Usually in cases where you have only a little amount of equity the IP will complete the proposal so that the minimum dividend needed to satisfy the creditors will be reached without the need for any equity release (i.e. made up through monthly payments only). This is done because the likelihood of you being able to release any equity at the end of the IVA is small due to mortgage loan to value constraints. However, if your home did significantly increase in value over the period of the IVA you may have to release as much equity as you can.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Thanks Oliver
And by the way i looked at the website and found it very useful.
I am hoping i may be one of the 99%

Zoe

Hi Zoe

Anything you like can be written into your IVA proposal, but that does not necessarily mean that the creditors will accept it. There are moves afoot for creditors to deal with the equity sum at day 1 - therefore making 4th year revaluations and equity raising at the end of an arrangement a thing of the past, but we're not there yet! Using Oliver's example, I feel that you would be able to deal with the current level of equity by offering a few extra payments at the end of an arrangement.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Thanks Melanie
I just want to pay back as much as possible to everyone.
It has mortified me that i am in this position in the first place, I am so stupid.
I have never not paid a bill in my life and this is why i got myself so worked up i tried to do something stupid before Christmas.
Being on here talking to everyone has really helped me and i am just praying i will be one of the lucky ones who gets everything accepted
ZOe

Zoe

Stay positive and focussed and you will get there in the end. I am glad that you are finding our forum helpful and keep posting to let us know how you get on.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Zoe, dont feel bad and you are not stupid, you are strong, facing your debts, whatever the cause.

Dont give up babe, make the most of your future.

my thoughts are with you

LILY

Thanks so much Lily
Everyone's knidness has meant the world to me!
Zoe
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