interlocking iva's and equity clause

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NMC

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Post by NMC » Fri Mar 07, 2014 7:39 am
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Hi All,

I would appreciate your advice. I have an interlocking iva with my husband, we both have the 85% ltv and £5000 equity clause in our proposal.

What I don't understand is the £5000 equity. Is that £5000 of each of our share in the equity of the property, making it £10,000 or is it an overall £5000?

Thank you.
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Adam Davies

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Post by Adam Davies » Fri Mar 07, 2014 5:28 pm
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Hi

I believe it is your share, so 10k between you minimum

Regards
Andam Davies
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Til

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Post by Til » Fri Mar 07, 2014 7:51 pm
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Wow I would love to know this myself as I always thought it was 5k between us.

Even if it was 5k total we have no equity - or maybe a couple of grand at the most. However if it is 5k each so 10k min for our interlocking IVA's then that 100% confirms that we have no equity at all!
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr

IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
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MelanieGiles

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Post by MelanieGiles » Fri Mar 07, 2014 11:04 pm
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It is again a grey area, as the Protocol does not deal with interlocking cases, but we certainly use £5,000 each in my practice.
Regards, Melanie Giles, Insolvency Practitioner
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