Cap781n wrote: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
Edited to remove the email address
As it happens the Post of the Month email address is open at the moment and I have mailed you from that -- I have removed your email from your post -- otherwise you might get a load of spam care of net crawlers !!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you for your email, I think you are under the impression that equity should be calculated as 50% separately for both individuals. On a joint IVA arrangement both debtors are treated as one entity. Therefore the calculations I sent you were correct, if the total available equity is over £5000 and debtors have a joint mortgage under their names ,then they make joint remortgage attempts and if unsuccessful a 12 month extension is applied on IVA. Likewise if both debtors have available equity (50% share) of over £5000 , even then only one extension is applied for a 12 month period.
If joint mortgage is with a person who is not bound by the iva terms and IVA holder’s share of equity is below £5000, then remortgage attempt is not required.
Hope I have managed to clear your confusion.
Don't know how best to proceed? As in my documentation it states the following on 4.7 (me) and 16.7 (wife)..
"At the review date I will obtain an open market valuation of the property from an independent professional valuer. If that valuation shows that 85% of my interest in the property (after deducting my share of the mortgage and/or secured loans referred to above) is less than £5,000 (net of all costs to take out a new mortgage) then I need contribute no more to the arrangement in respect of the property."
Last edited by Cap781n on Thu Jun 08, 2017 8:47 am, edited 2 times in total.
I believe that it should be £5,000 each and also have a look at each IVA proposal. Under protocol it mentions that each debtor will retain 15% equity in the property and it does not say 'we' when interlocking.
Thank you for your reply Michael, thats what i assumed also, so how best should i get this escalated? Is there any point in contacting the department dealing with the issue or to take it to the complaints department route.
Have one last try with how ever you are dealing with and if you do not get a resolution ask for the complaints procedure. You will have to go through the internal one first but hopefully the threat of a complaint and your fair arguments will win the day.
ive called and been advised the same information, i have explained again the wording on the proposal and he also agrees what it says assumes where im getting at, but still advises the info they have given still stands, asked to escalate the call and apparently I should be getting a call back from a manager in 24hrs.
Nothing to lose by fighting your corner and if the manager does not agree ask to speak to the IP. You should also ask for any correspondence in relation to this to be put in writing so you can take independent legal advice if necessary. If the IP is in doubt they could also seek advice but hopefully it will not come to that.
Just an update, i spoke to the manager and IP they advised either way looking at it with my most up to date statement, it does take my equity over the £10k mark anyway. so might be stuck with it for another year
That is unfortunate so it looks like an extension after all. If you want out of the IVA you could look at perhaps a small secured loan to close it down and Shaun Vickery from Select who posts here has access to this type of product.
