Equity release problem

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Malcy67

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Post by Malcy67 » Sun Jul 25, 2010 6:08 pm
Hi, my 60th payment is in Sep 2010, like most I am expected to remortgage in the final year and release 75% of the equity. I have recently lost my job, I've managed to keep up the monthly payments but I don't think that I'll be able to remortgage in this position. Obviously after paying for 5 years I don't want to go bankrupt now or lose my house. Has any one got any ideas as to what course of action may be available to me.
 
 

Shining

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Post by Shining » Sun Jul 25, 2010 6:16 pm
Hi there and welcome to the forum.

Have you found another job Malcy67? have you informed your IP of your change in circumstance?

I'm sure there will be a resolution, avoiding bankruptcy or the loss of your house. Sometimes with a change in circumstance it's been know for creditors to accept what's been paid to date and conclude the IVA but I'm not a professional and you would need to speak with your IP.

Which company are you using?

One of our professionals will be along very soon to offer advice. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 25, 2010 7:23 pm
I would be suggesting that your IP calls a meeting of creditors to seek their agreement that they accept the payments you have made into the IVA so far in full and final settlement.

Is there any equity in the property - notwithstanding that it would be impossible for you get your hands on any of it by way of a re-mortgage?
Regards, Melanie Giles, Insolvency Practitioner
 
 

Malcy67

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Post by Malcy67 » Mon Nov 08, 2010 7:33 pm
I've offered to pay the equivalent of 12 monthly payments up front ( money from a family member). This will give a dividend of 17p in the £ instead of the 48p expected in the original arrangement. The meeting is coming up soon, anyone think it'll get accepted?
 
 

Shining

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Post by Shining » Mon Nov 08, 2010 10:21 pm
I hope it is Malcy, if it's the best offer on the table it hopefully will. All the best and let us know how it goes won't you? x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

MelanieGiles

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Post by MelanieGiles » Tue Nov 09, 2010 12:57 am
I a sure your revised proposals will be accepted, as you are offering a very sensible solution. Make sure you let us know the outcome as soon as you can!
Regards, Melanie Giles, Insolvency Practitioner
 
 

kallis3

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Post by kallis3 » Tue Nov 09, 2010 9:36 am
Good luck Malcy!
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
 
 

Malcy67

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Post by Malcy67 » Fri Nov 12, 2010 10:16 am
Well folks I got the news that I've been praying for. Offer accepted!!
Thank you all for your support, I feel like I'm breathing for the first time in years :-)))
 
 

Michael Peoples

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Post by Michael Peoples » Fri Nov 12, 2010 10:54 am
Great news Malcy and well done to your IP.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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