Entering 55th month. Help/info req'd

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RunnerffirG

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Post by RunnerffirG » Wed Jun 10, 2020 8:47 pm
Hi all, I've been lurking a while and have been helped by plenty of posts and replies, thank you.
My July payment will be my 56th month so should I expect to hear something soon regarding the 6th year? I'm a bit worried about it all now to be honest. All has gone well up to now. I have around 50k equity in my home.
If I could borrow money off a family member could I make an offer to close?
I may find out this week if I'm in the pot for redundancy, how would this work?
Sorry for all the questions. I'm hoping someone can help. Let me know if I can provide anymore info. My current payment is approx £390 per month.
Thanks....

Foggy

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Post by Foggy » Thu Jun 11, 2020 7:39 am
At this stage you will have to go through the valuation process and the attempt to release equity. It would be better to remind your IP that this time has arrived, otherwise you could be left in limbo for quite some time. Alternatively, they might accept a full and final offer now, based on the assumption that lending will not be forthcoming and that the extension will kick in. In this case it would be based on the remaining 4 payments ( after July) plus the extension (12), so 16 payments at £390 ---- £6240.

It would work nicely if you could get that out of the way and accepted before redundancy looms.

In recent months various IPs have started to re-interpret the way the various clauses in an IVA are being operated, including how payments in the extension year are treated. Historically everything in the extension year has been the same as the previous years. However, lately, some IPs seem to be saying that the only thing that continues are the regular monthly payments, inferring that windfals, overtime and other extra income is ignored ( in which case, were it my IVA, I would want that in writing!). So --- the redundancy question is difficult to answer with any degree of certainty.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lisa Thomas

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Post by Lisa Thomas » Mon Jun 15, 2020 1:15 pm
The onus is on you to contact your IP with the equity details, if applicable, usually at month 54.

Do not wait for your IP to contact you.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

RunnerffirG

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Joined: Wed Jun 10, 2020 8:38 pm

Post by RunnerffirG » Mon Jun 15, 2020 6:08 pm
Thanks both. Appreciate the replies.
The latest with the redundancies are that there are going to be x jobs but too many people for x so there is a chance I could get made redundant. Is volunteer redundancy frowned upon in an iva? And would this made failure to complete the iva? Our premises are also moving approx 40 miles away from the current location. Thanks.

Foggy

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Post by Foggy » Mon Jun 15, 2020 6:51 pm
Voluntary redundancy will not deem to fail the IVA, but you will be expecyed to pay in any compensation over the equivalent of 6 months salary and keep up the payments to the arrangement. If you are unable to maintain payments the IVA might be at risk if another solution is not agreed upon.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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