www.iva.co.uk

In my original iva proposal it states: "The property is to be valued shortly after the approval of the arrangement and 50% of the material equity is to be realised and paid to my Supervisor for the benefit of my creditors. I propose that an agreement be reached with my Supervisor as to the manner in which the equity is to be realised at his discretion."

The house was valued at the time of the arrangement and had £8000 equity. This was two years ago. Does this statement mean I would sometime in the iva have to give £4000 equity and no more? There is no mention of year 4 valuation, etc. I am asking because there is a variation meeting on 26 June to offer a F&F via a remortgage.

My original proposal was 35p/£1; this offer will give 36p/£1. Also my cuurent mortgage has gone up by £120 a month and my son is moving out soon so I will lose his rent which is included in my monthly I&E. My IP has stated this in a letter to the creditors calling for the meeting so hopefully this will help the proceess.

Wish me luck!

All the very best GW. Fingers crossed, positive thoughts and all that to you.
When is the meeting?

Ang

Hi gw

The modification you have to your proposal is a little woolly, and as I am only one of the forum experts others may have a differing view.

My view is that as you complied with the timing of the modification, that the sum payable is £4,000 - but as you say that there is a variation to offer a full and final settlement via a re-mortgage, then this is obviously addressed therein.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi
Good luck with the full and final offer.
Again your case clearly shows the need for the equity release part of the IVA to be simplified and made clearer.I would like to see a valuation prior to the IVA commencing and a cash figure to be agreed and then to be released to the creditors within the five year term.
Every one knows where they are and how much they will receive,if property falls so that an equity release can,t be made then a twelve month extension to the IVA instead.
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Hi Andy and Mel,

In the iva, the breakdown of figures to arrive at 35p/£ included the £4000 equity. Whether this is a minimum or not the statement I quoted in my first post doesn't make clear. I'm just concerned that the creditors may reject the F&F in the hope of getting more equity in a couple of years. My IP said she is confident they will accept otherwise she wouldn,t have recommended that I put the offer forward.

Good Luck with your variation meeting GW, Im sure your I.P would not put this forward if he/she didn't believe it was a better offer and likely to be accepted by your creditors.

Best Regards. IVA Experts

Hi
I doubt that they will gamble on the housing market given the general feel now.Your IP is confident and that is a very positive thing.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Have faith in your IP - she has probably doen may of these in her time!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Thanks everyone for the replies.
Will let you know the outcome on 26 June.

good luck

good luck

best of luck, fingers and toes crossed

Good Luck

Good luck G-W

All I have left is my humour.

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.