I have no idea how much I need to be asking to remortgage for

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kallis3
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by kallis3 » Fri Apr 20, 2018 9:54 am
Should finish on time as far as I can tell.
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katherine682
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by katherine682 » Fri Apr 20, 2018 10:01 am
I just assumed what I had was a standard agreement as - to me - it makes complete sense if you couldn’t raise any equity in the fifth year that they would extend it to six :lol:
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katherine682
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by katherine682 » Fri Apr 20, 2018 10:04 am
kallis3 wrote:
Should finish on time as far as I can tell.


You mean in October (at the end of five years?) - I haven’t been told it’s six years so maybe I’m just completely confused and got the wrong end of the stick! I’ll check.
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Foggy
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by Foggy » Fri Apr 20, 2018 10:34 am
katherine682 wrote:
I just assumed what I had was a standard agreement as - to me - it makes complete sense if you couldn’t raise any equity in the fifth year that they would extend it to six :lol:


They only extend if there was equity there to raise (over £5k) and you were unable to raise it. If there is no equity (less than £5k) the equity release clause isn't triggered and the IVA will end at the 60th month ( in the case of a 5 year IVA).
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katherine682
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by katherine682 » Fri Apr 20, 2018 10:44 am
Foggy wrote:
katherine682 wrote:
I just assumed what I had was a standard agreement as - to me - it makes complete sense if you couldn’t raise any equity in the fifth year that they would extend it to six :lol:


They only extend if there was equity there to raise (over £5k) and you were unable to raise it. If there is no equity (less than £5k) the equity release clause isn't triggered and the IVA will end at the 60th month ( in the case of a 5 year IVA).


Oh! I didn’t know this. Thank you. I’ve sent them an email. Hopefully then I’ve completely got the wrong end of the stick and it ends this year. Fingers crossed mine is standard and this applies.
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Lisa Thomas
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by Lisa Thomas » Fri Apr 20, 2018 10:46 am
Hi if you have standard terms then no - you are mixing it up.

If you have less than £5k equity the equity clause does NOT kick in so the extension will not apply and the case can be closed.
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Lisa Thomas
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by Lisa Thomas » Fri Apr 20, 2018 10:49 am
i.e you will only have a 5 year IVA.
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katherine682
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by katherine682 » Fri Apr 20, 2018 12:18 pm
[quote="Lisa Thomas"]i.e you will only have a 5 year IVA.[/quote


Let’s hope! I’ll let you know. I’m not simple honestly lol I’ve just not read my agreement properly have I! :oops:
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kallis3
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by kallis3 » Fri Apr 20, 2018 12:38 pm
Have a really good read of it!!
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katherine682
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by katherine682 » Fri Apr 20, 2018 1:09 pm
kallis3 wrote:
Have a really good read of it!!


I’ve emailed them and thinking about it - the letters they have sent to me when payment amounts have changed (ie due to a bonus etc) always detail the months left and the last letter I have found from them (at work!) was that there would be 27 payments left from 28 July 2016 so that means it will finish this year. Oh I hope so!
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katherine682
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by katherine682 » Fri Apr 20, 2018 1:19 pm
Just had confirmation from McCambridge Duffy that my final payment is in fact due in September of this year. I had genuinely got it into my head that this would not finish until next autumn so oh my!! I am sooooooooooooo happy! :D :D
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Lisa Thomas
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by Lisa Thomas » Fri Apr 20, 2018 1:56 pm
Great news, well done.
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kallis3
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by kallis3 » Fri Apr 20, 2018 2:06 pm
Brilliant news - so pleased for you!
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Foggy
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by Foggy » Fri Apr 20, 2018 2:47 pm
There you go :-) Great news !
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katherine682
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by katherine682 » Fri Apr 20, 2018 5:17 pm
Lisa Thomas wrote:
Great news, well done.


:D
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