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Posted: Tue Aug 07, 2007 12:25 am
by gavin
i have a max of £300 equity in the home waht if ther is still no equit what do we do
Posted: Tue Aug 07, 2007 12:29 am
by MelanieGiles
Gain
I'm sorry I do not understand your post. Could you clarify please?
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
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http://www.melaniegiles.com and view my IVA blog at:
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Posted: Tue Aug 07, 2007 11:18 am
by Adam Davies
Gavin
I,m guessing that you are referring to the fourth year equity clause,and if you have insufficient equity there is normally a clause to extend the IVA for twelve months instead of releasing equity.
Regards
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Posted: Tue Aug 07, 2007 11:29 am
by iva experts
If there is little equity in your property then I would say that your IVA will run for a duration of 5 years. However the creditors can still put an equity release clause in your proposal, if they do this then in the 4th year your I.P will contact you to get a valution on your house and then make a decision based on the house value.
Best Regards. IVA Experts