I would go back to them outlining the correct figures, ie, valuation = £125,000 X 85% LTV = £106,250, outstanding mortgage = £109,000 therefore no equity to release.
Do it via email if you can so that you have a written record of their response.
This what I did when I submitted my valuations & Payplan confirmed the same day that the figures were correct.
Was it your own caseworkers that has given you the wrong calculations? Mine were referred to a separate department.
If they really can't follow the calculations outlined above then I would escalate to the complaints department - these were the only people I got any sensible answers from in the last 12 months.
Last edited by dancer on Tue Apr 14, 2015 8:02 pm, edited 1 time in total.
Thanks for the advice everyone and dancer, your input is really helpful as you have experience of Payplan so I know the best way to approach this. I'll do as you suggest and get back asap. Thanks again
Hi dancer/foggy - just received confirmation that i don't have enough equity so no extension to my arrangement which means only 6 months to go until debt free!! It was touch and go as IP maintains 100% LTV is correct but due to mortgage and house valuation they agreed I was going to be below £5,000 even then. Thank you both - and everyone else on this forum - for your help. I will stay on here to help anyone I can in the same situation and to those just starting an iva, it may seem like a long time, but will be over before you know it.
I know - I would still have argued against it if the need had arisen as it doesn't seem right to me based on what the experts have said on this and other forums and the protocol itself. I suppose the best thing to do, which I didn't unfortunately, is to get confirmation in writing at the start of arrangement as to exactly how the IP interprets teh equity clause.
Unfortunately at times by the end of an IVA we appear to know than the staff that we are left dealing with.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
no point starting a new thread when a similar question is at hand.
Just need some clarification, both me and my wife are on the same iva, as one of the number of creditors are on both our names and the rest are on my name.
as being at the last 6 month mark, got a valuation and is as follows:
Estimated value: £95,000
85% LTV: £80,750
Outstanding mortgage: £71,864.36
Equity available: £8,885.64
as this is over £5000 they are asking me to remortgage, but shouldn't the equity be halved as its each of our share? the reason i ask this as in the original documentation it shows their working out there and they half the equity showing:
Assumed equity (1/2 share)
Should they half the current equity aswell or am i wrong here.
At that sort of loan to value you wouldn't be able to re-mortgage and raise additional monies. An expert on IVAs will be along shortly I'm sure but in all likelihood your Practitioner would look to extend for another 12 months I believe in that scenario.
Regards
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
I would argue, and many IP's do it this way ... but Payplan often play by their own rules .... That each IVA is INDIVIDUAL ( that is what the "I" stans for) ... your two have only been interlinked for ease of administration. EACH proposal has reference to YOUR SHARE of equity --- in this case you each have less than £5,000 equity, therefore the equity provisions have not been triggered.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks foggy, im drafting a email now... i dunno why im scared to contact them, even though they have all been so nice... thinking of the worse, dunno how to word it without sounding cocky really and i dont want it to come across like that
I would word it on the assumption that the equity clause wouldn't be triggered and let them disagree if they work it out differently. You don't have to be cocky .. just seem sure of yourself. Don't let them see the fear !
Best of luck.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks again foggy, i typed it up, any chance of sending it you so you can give it the all clear... even though i know what you say is of you own opinion, if you can email me i would appreciate it
