will we still have to release this money?

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densbar

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Post by densbar » Sat Dec 06, 2008 6:12 pm
hi
im in a iva and in my last year,i also have to release £23000 out of the value of our home.our house as lost money,we will only have the morgage and the second charge covered now,
will we still have to release this money?
 
 

kallis3

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Post by kallis3 » Sat Dec 06, 2008 6:14 pm
Hi,

Check the wording of your IVA, but I think that if you have less than £5,000 equity you won't be required to pay across.

Unless it states otherwise, your IVA should conclude at the end of the 5th year.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

densbar

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Post by densbar » Sat Dec 06, 2008 8:17 pm
thankyou
if i dont have to pay the credit crunch may have done me a favour.
 
 

kallis3

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Post by kallis3 » Sat Dec 06, 2008 8:28 pm
You'll still have to have it valued, it's all going to depend on how much equity you have lost.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

james.c

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Post by james.c » Sat Dec 06, 2008 10:31 pm
but it goes ont he value of your house today
 
 

kallis3

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Post by kallis3 » Sat Dec 06, 2008 10:34 pm
Mine is to be re valued in year 4. At the moment we have equity in our house, in four years time we may not have. How do I release the £28,000 if there is no equity?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

james.c

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Post by james.c » Sat Dec 06, 2008 11:10 pm
For this reason i sold and rented so i didint get the 4th year equity release, i am so glad i did
 
 

MelanieGiles

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Post by MelanieGiles » Sun Dec 07, 2008 12:22 am
If you are in the final year of a five year IVA, you are unlikely to have the £5,000 deminimus provision, given that this has only recently been introduced.

When your IVA was accepted, there were a whole heap of differint provisions, so I would seriously have a chat with your IP to remind yourself about what you actually agreed at the time of the creditors meeting.
Regards, Melanie Giles, Insolvency Practitioner
 
 

olympic_torch

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Post by olympic_torch » Sun Dec 07, 2008 12:26 am
Melanie
Don't you ever sleep.
Are you the Cardiff Count Dracula?
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Dec 07, 2008 12:34 am
Just got in from the pub - and having a quick check of the forum whilst hubby walks the dog! Well it's minus two in Cardiff tonight, and too cold for me to be wandering around the village green!

My staff will hoot at the reference to Count Dracula - I am sure I have heard the odd reference to Morticia occasionally!!!
Regards, Melanie Giles, Insolvency Practitioner
 
 

olympic_torch

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Post by olympic_torch » Sun Dec 07, 2008 12:39 am
The poor old dog. minus 2.i hope its not a daschound, it's poor old gonads will stick to the floor!
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
 
 

kallis3

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Post by kallis3 » Sun Dec 07, 2008 9:39 am
Sorry Melanie, didn't realise that the £5000 had only just been introduced.

James - I wouldn't want to sell my house, so I'm quite happy to have that clause. Doubt we will get a remortgage anyway due to age.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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