Interlocking IVA's - 5K Equity Clause

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sosilly
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by sosilly » Wed Aug 29, 2018 4:21 pm
Hi there

Anyone who has had an interlocking IVA been allowed 10K equity in property before a re mortgage or extension is required?

I thought it was 5k each but I checked with my company who I am with who confirmed it is 5K jointly but I was under the impression it was 5K each and am sure I clarified this
when I first seen the equity release clause in our proposals but typically I can't find the email and having checked with my company they have confirmed it is 5K jointly.

I would just be interested to know if anyone has been granted the 10K equity for an interlocking IVA.

Kind Regards
sosillu
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Foggy
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by Foggy » Wed Aug 29, 2018 4:31 pm
We have had this situation arise many times, and, as you know, advised that the feeling here is that it should be £5k each ... but those posters have never come back with the outcome, so it would be good to hear of these instances.
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sosilly
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by sosilly » Wed Aug 29, 2018 4:41 pm
Foggy wrote:
We have had this situation arise many times, and, as you know, advised that the feeling here is that it should be £5k each ... but those posters have never come back with the outcome, so it would be good to hear of these instances.


I hope some posters will come forward with their experiences so at least we know if 10K equity clauses do exist.

Thanks
sosilly
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abbiesmum2003
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by abbiesmum2003 » Wed Aug 29, 2018 11:00 pm
Mel always told us it was £5k each.
Its written into EACH iva and technically they are interlocking rather than joint so each of you have £5k meaning a joint mortgage would account to £10k equity.
thats how i unerstood it and had it explained from Mel when we looked at ivas.
I cant remember now it was looked at for our equity release because we were well over whatever the numbers work out to be but I have always been under impression single iva single morgage is £5k equity...interlocking ivas and a joint mortgage would be £10k.
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sosilly
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by sosilly » Thu Aug 30, 2018 4:39 pm
HI there

I received an email today confirming she had give me the incorrect information and it was actually 5K equity each in an interlocking IVA so that has clarified the situation for me
and I have saved the email incase I need it for future use.

thanks guys
sosilly
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Foggy
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by Foggy » Thu Aug 30, 2018 4:45 pm
sosilly wrote:
HI there

I received an email today confirming she had give me the incorrect information and it was actually 5K equity each in an interlocking IVA so that has clarified the situation for me
and I have saved the email incase I need it for future use.

thanks guys
sosilly


Good news -- don't just keep it -- frame it !
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sosilly
Posts: 111
by sosilly » Thu Aug 30, 2018 5:00 pm
Ha ha Foggy I might just do that lol




Foggy wrote:
sosilly wrote:
HI there

I received an email today confirming she had give me the incorrect information and it was actually 5K equity each in an interlocking IVA so that has clarified the situation for me
and I have saved the email incase I need it for future use.

thanks guys
sosilly


Good news -- don't just keep it -- frame it !
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kallis3
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by kallis3 » Thu Aug 30, 2018 8:17 pm
Result - yay!
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Tony.mac
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by Tony.mac » Fri Aug 31, 2018 4:06 pm
Glad you sorted this out. I had the same problem with my IVA as the company were trying to tell me it was £5,000 per couple but with interlocking IVA’s as ours was we both received individual chairman’s reports quoting our individual share of £5,000 each. We had to argue this point and in the end the IVA company agreed with us.
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Foggy
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by Foggy » Fri Aug 31, 2018 4:16 pm
Always good to know your entitlement and to stand your ground ... it pains me to think how many are bullied, or blindly led, into paying well over the odds without realising it.
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louise492
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by louise492 » Wed Sep 05, 2018 9:55 am
Was anyone with payplan in these situations? Just received our letter for the equity cause.
Thanks
Lou
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kallis3
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by kallis3 » Wed Sep 05, 2018 10:35 am
What do Payplan say?
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louise492
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by louise492 » Wed Sep 05, 2018 9:55 pm
Waiting on a reply Kallis so fingers crossed it is in our favour :D
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