Wondering if anyone can help
My valuation for my house is £99,000
My redemption figure from mortgage statement is £79,859
I have an equity clause for extension of iva payments
Ltv should be at 85%
Not sure how to calculate these figures as to whether or not I will have above £5000 equity
Can you help
Looking at the calculation in my paperwork, using your figures...
85% of £99,000 is £84,150.
Deduct your outstanding mortgage from that (84,150-79,859) is £4291 so i would say you do not have sufficent equity as remaining value is less than £5000 in which case your iva shoukd complete after original term. Hope that helps (if im right!!!)
Hi there I posted the question yesterday about equity and calculations as Tina 61 couldn't remember my password
Anyway aperture put final payment on my direct debit in January 15th 2016
They have now reopened direct debit after I received a letter stating that I was due to pay another 12 months into my iva because of mortgage clause.
I rang them yesterday and spoke to a really unhelpful lady. I asked her how much was the house valued at and she said that should of been down to me also adding that would I have rather had my iva failed instead . Very rude I thought .
I said to her that no one had contacted me to do this or any correspondence what so ever about the matter in question.any way I rang back later as I wasn't happy about it and spoke to someone much more helpful who told me that aperture assumed there was equity in my property so have extended for a further 12 months.i asked him how can that assumption be made without a valuation . I dug out my original paperwork dated 31/01/2011 which read as follows:after month 54 of the arrangement the supervisor will obtain a professional valuation of the property. The debtor will then obtain two remortgage quotes from reputable lenders.having not heard a thing from aperture previously grant Thornton I assumed that they had got a valuation and my iva would be ended. As you are aware I would not have been able to remortgage anyway.
So yesterday I got a valuation from zoopla online on my house number.this came back as 99.000 and redemption was 79859 . I told them these figures over the phone and he said that it seems like there is equity in property . He also said that don't take the 85% ltv off first and they factor in selling costs. Surely they don't need to do that to work out equity ?
As you guys already calculated it on the figures I gave you . Anyway I have emailed them all the information and wait to hear as to what they say and see how they do their calculations.i think to me that they forgot to get valuation back in July 2015 and just put me in for another 12 months .its funny that 7 months later they say about it now .and they also said that the valuation has to be house prices now . Which doesn't reflect what prices were 7 months ago . I think this is all unfair and I feel I haven't been dealt with in the correct manner
Any replies would be appreciated as to what you all think
Pre or post rebrand it has been the same - they seem to make things up as they go along to compensate for buying out everyone else.
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.
Hi Lisa
Quick question also about equity . When I spoke to aperture I asked if the £5000 equity was between me and my husband and he said joint
Funny that because our Ivas run alongside each other but we both have separate paperwork .
And also received a mother letter today saying that I haven't sent up my income and expenditure for final review.
I was quite livid about this as I sent everything via email on 18th February and received auto response from them they that had received it
I rang them yet again today to query this and they said they received it on 2nd March.i then said that an email is instant and he said there was an overlap
Should really get facts right before sending me snotty letters
All this seems coincidental since I questioned them about valuation and sent in my figures .maybe im being paranoid
Can you please advise about equity amounts
It depends what your proposal states and the exact wording but my understanding is that it usually means you each have to have at least £5k equity so with an interlocking one for two people the equity would normally need to be at least £10k.
