Posted: Sat Aug 11, 2007 7:32 pm
Hi
For those of you who haven't yet heard, our IVA was agreed [:D]this week, after a nail-biting couple of days, and some determined negotiations from Melanie and her team (particularly Sarah-who persevered endlessly, particularly with our poor phone link, as we were on holiday in Norfolk-and no, not 5-star luxury(sadly[:(]) but house-sitting for a friend who has no idea that her house offers us our only chance of a holiday for the next few years[:D]!)
We have an interesting 4th year equity release clause which will only happen if the creditors get back more by us doing that, than our original proposal to pay for an additional 12 months. So we have to do one or the other! (we currently have about £3000 equity in our house, which is valued at £190,000)
A few questions....
1. Do we get the property re-valued at the start or end of the 4th year? Will the creditors accept a valuation by the same estate agent who valued the house for the IVA figures? Or does it have to be a building society valuation (in which case, how do we pay for this?)
2. If the difference is negligible ie. the equity release clause will only realise +5% for example, can we re-negotiate and add an additional payment on the end of the 6th year?
3. If we do re-mortgage, is the IVA monthly contribution reduced by the additional mortgage costs? Or, if house prices go bonkers, and we can remortgage enough to settle (ie 100% + IP fees, does the IVA come to an end?)
4. We have early redemption fees to pay on our mortgage, so are these taken into account when calculating the creditors return?
Thanks-so many questions..but actually have such a big smile on my face at the moment my face aches!
Blue
For those of you who haven't yet heard, our IVA was agreed [:D]this week, after a nail-biting couple of days, and some determined negotiations from Melanie and her team (particularly Sarah-who persevered endlessly, particularly with our poor phone link, as we were on holiday in Norfolk-and no, not 5-star luxury(sadly[:(]) but house-sitting for a friend who has no idea that her house offers us our only chance of a holiday for the next few years[:D]!)
We have an interesting 4th year equity release clause which will only happen if the creditors get back more by us doing that, than our original proposal to pay for an additional 12 months. So we have to do one or the other! (we currently have about £3000 equity in our house, which is valued at £190,000)
A few questions....
1. Do we get the property re-valued at the start or end of the 4th year? Will the creditors accept a valuation by the same estate agent who valued the house for the IVA figures? Or does it have to be a building society valuation (in which case, how do we pay for this?)
2. If the difference is negligible ie. the equity release clause will only realise +5% for example, can we re-negotiate and add an additional payment on the end of the 6th year?
3. If we do re-mortgage, is the IVA monthly contribution reduced by the additional mortgage costs? Or, if house prices go bonkers, and we can remortgage enough to settle (ie 100% + IP fees, does the IVA come to an end?)
4. We have early redemption fees to pay on our mortgage, so are these taken into account when calculating the creditors return?
Thanks-so many questions..but actually have such a big smile on my face at the moment my face aches!
Blue