How to calculate equity release for an IVA

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Cherrybea
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by Cherrybea » Wed Feb 14, 2018 3:13 pm
I'm so stressed by this whole process and want it to be over. Avoiding the sixth year would be a dream come true. Why would aperture disagree? I can only think they would not accept the independent valuation????

Many thanks for everyone's help today, it really has made a difference.
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Foggy
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by Foggy » Wed Feb 14, 2018 3:19 pm
Cherrybea wrote:
I'm so stressed by this whole process and want it to be over. Avoiding the sixth year would be a dream come true. Why would aperture disagree? I can only think they would not accept the independent valuation????

Many thanks for everyone's help today, it really has made a difference.


It depends on how much autonomy they are giving Select and will be interesting to see.

Reading through this thread again I am sorry we couldn't have been clearer, or made things simpler for you, but, fingers crossed that this is all over.
Cherrybea
Posts: 12
by Cherrybea » Tue Mar 20, 2018 7:08 pm
We have been waiting since February for a response from
Aperture and they have come back today and said because the equity is £5068 in an interlocking IVA we need to attempt to remortgage. The final 60th payment is due in 1 week!!

Interesting the broker agrees that the equity release should only be triggered at £10,000.

Is this worth the fight? A sixth year will cost us £6000 in payments.
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Foggy
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by Foggy » Tue Mar 20, 2018 7:19 pm
Cherrybea wrote:
We have been waiting since February for a response from
Aperture and they have come back today and said because the equity is £5068 in an interlocking IVA we need to attempt to remortgage. The final 60th payment is due in 1 week!!

Interesting the broker agrees that the equity release should only be triggered at £10,000.

Is this worth the fight? A sixth year will cost us £6000 in payments.


The common conception is that, even though the IVA's are interlocking, they are still two individual VA's and most firms will take that to mean that each share of the equity must exceed £5k. If your equity is £5068, that is £2534 each, so under the de minimis. Aperture, however, have their own thoughts on this and will stick to their way of doing things. Who provided the property valuation and do you agree with it ?
Cherrybea
Posts: 12
by Cherrybea » Tue Mar 20, 2018 8:06 pm
We provided it, the valuation is correct. We do have two separate contracts and two separate agreements following the creditors meeting. We also have paperwork from the initial meeting with the lady who sold the IVA. It says 'if the amount of equity or net worth - after remortgage costs - is under £5K, again there will be no additional amount to pay into the IVA.

Has it been misold as the £5068 equity has not had mortgage fees removed.
Lynny
Posts: 5
by Lynny » Sat Apr 14, 2018 10:27 pm
Hi we are in a similar situation with aperture, the calculation they are using for our equity release seems incorrect and that we have 5000 between us not each! Can you let me know how you’ve got on please thanks
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