Equity at end of Iva

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Ellaollie64
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by Ellaollie64 » Wed Dec 12, 2018 11:58 pm
Can someone please advise of the following. Our Iva commenced Nov 2013 and during this period we took 3 holiday payments so due to end Feb 2019. I made a call in sep 2018 to enquire about equity and was informed there is nothing we had to do and they confirmed the Iva was due to end Feb 2018. Today we have received a letter advising they are extending the Iva for another 6 months to allow them time to explore releasing equity. After reading our agreement it does actually state they will be in touch during month 54 of the Iva which they didn’t do (and bearing in mind I called them and they advised I didn’t have to do anything) are they still in their rights to do this considering we’re in month 61? Any advice much appreciated.
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Foggy
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by Foggy » Thu Dec 13, 2018 7:52 am
The equity question does have to be dealt with, but you are within your rights to lodge a complaint at their tardiness. Do you think there is enough equity to trigger an extension or a release attempt ( the details will be in your proposal under Equity Release) ? Are they expecting you to continue payments during this time? Have they ever asked for a mortgage redemption statement or a current valuation ?
Ellaollie64
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by Ellaollie64 » Thu Dec 13, 2018 8:20 am
Thank you for your reply, am waiting on a phone call back today to clarify things. No they’ve never asked for a valuation, first time they’ve been in touch with me about this was yesterday when I received letter advising they are extending Iva for a further 6 months to allow them time to look into seeing if we have equity in the house which upon checking we are around the £5k mark so possibly. Just really upset me to think we only had until Feb 19 to go (confirmed by them too when I called in September) and feel like as they haven’t done their job properly it has now been extended, just wondered how things stand with it being in s formal document stating they would look at a valuation at month 54 and were now in month 61 before they’ve decided to do anything.
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Foggy
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by Foggy » Thu Dec 13, 2018 8:41 am
Ellaollie64 wrote:
Thank you for your reply, am waiting on a phone call back today to clarify things. No they’ve never asked for a valuation, first time they’ve been in touch with me about this was yesterday when I received letter advising they are extending Iva for a further 6 months to allow them time to look into seeing if we have equity in the house which upon checking we are around the £5k mark so possibly. Just really upset me to think we only had until Feb 19 to go (confirmed by them too when I called in September) and feel like as they haven’t done their job properly it has now been extended, just wondered how things stand with it being in s formal document stating they would look at a valuation at month 54 and were now in month 61 before they’ve decided to do anything.


There is very little comeback for IPs transgressions, if, indeed, this is --- look carefully at the wording in your own proposal: Many are worded such that it is your responsibility to carry out the valuation exercise ( I agree to ... this ... that .....and the other) and, at the end of the day, their fallback position is that it is your IVA and you should be driving.
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Lisa Thomas
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by Lisa Thomas » Thu Dec 13, 2018 12:07 pm
Ellaollie64 wrote:
we are around the £5k mark so possibly. .


Who is 'we'? Are you in an interlocking IVA with someone else?

Is the £5k the total equity or just for your share?

Is the property solely or jointly owned?

Have you obtained a recent valuaiton and a redemption statement to include interest and penalty charges to see if your share of equity is less than the £5k?
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Lisa Thomas
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by Lisa Thomas » Thu Dec 13, 2018 12:07 pm
*When I say recent it will have to be as at the month 54 value.
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kallis3
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by kallis3 » Thu Dec 13, 2018 3:56 pm
Have you had your house valued?
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