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normanna
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by normanna » Tue Oct 16, 2018 3:21 pm
cobby1994 wrote:
Foggy wrote:
First, you should have not stopped payments without the agreement of your IP. The equity situation should have been addressed at month 54 and, in the absence of any action by your IP, it is your responsibility to have carried out what was agreed in your proposal --- if the IP fails to respond, at least you could then demonstarte that the fault lay with your IP if they tried to fail the IVA.

I would try to lodge a formal complaint, addressed direct to your IP, by recorded snail mail (keeping copies). If this brings no meaningful response you can then escalate to their regulatory body via the Government Gateway at : https://www.gov.uk/complain-about-insol ... actitioner

In the meantime read up on your equity release clauses, so that you can challenge anything amiss and also work out if the clauses are, indeed, likely to be triggered in any case.


We never stopped paying, our direct debit is still set up in place THEY stopped taking payments from out of our bank as our original 5 years was up. We have already sent them a copy from our Mortgage provider showing that we tried to re-mortgage to release equity but are unable to do so. There is no fault at our end, we have done everything asked of us.


The equity clause was known about when the IVA was signed even if your IP dropped the ball so I would assume until everything was resolved you kept the monthly payments aside. If, unfortunately you didn't then I would start putting the money aside now for when the payments for equity kick in (if they are due).
cobby1994
Posts: 15
by cobby1994 » Tue Oct 16, 2018 3:56 pm
Lisa Thomas wrote:
cobby1994 wrote:
Lisa Thomas wrote:
Is it materially more than £5k and is that just for your share or joint?

Is that based on an actual valuation?

If so then it's likely the 12 month extension will apply and you have 12 more payments to make...


Its a joint mortgage and joint iva, Freeman Jones use a certain site apparently they use for realistic valuations, its probably about right to be fair.


Is the equity figure of £5k the total equity in the property or is that just your (assumed) 50%?


no there is more than £5k equity
cobby1994
Posts: 15
by cobby1994 » Tue Oct 16, 2018 4:19 pm
Freeman Jones wrote:
Thanks Cobby1994 (and thanks Foggy).

First of all I apologise that we seem to have dropped the ball here. Please do email me via ian.williams at freemanjones.com and I will investigate for you.

I look forward to hearing from you,

Thanks,


Ian

email sent thanks
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Lisa Thomas
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by Lisa Thomas » Wed Oct 17, 2018 8:09 am
Cobby if you are in an interlocking IVA then the total joint equity could be less than £10k (5k) each for the equity clause to kick in.

How much equity is there and is this based on a valuaiton?
cobby1994
Posts: 15
by cobby1994 » Wed Oct 17, 2018 9:24 am
Lisa Thomas wrote:
Cobby if you are in an interlocking IVA then the total joint equity could be less than £10k (5k) each for the equity clause to kick in.

How much equity is there and is this based on a valuaiton?


We are unable to re-mortgage anyway so surely the equity part of it doesnt come into it now?? surely it would just be down to another year of monthly payments?
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Foggy
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by Foggy » Wed Oct 17, 2018 9:27 am
cobby1994 wrote:
Lisa Thomas wrote:
Cobby if you are in an interlocking IVA then the total joint equity could be less than £10k (5k) each for the equity clause to kick in.

How much equity is there and is this based on a valuaiton?


We are unable to re-mortgage anyway so surely the equity part of it doesnt come into it now?? surely it would just be down to another year of monthly payments?


The equity part is the key! IF there is less than £5k equity (£10k in the case of two interlocking IVA's) then the whole clause is moot -- it doesn't get triggered and there is no release to be sought or extension in it's place.
cobby1994
Posts: 15
by cobby1994 » Wed Oct 17, 2018 9:53 am
Foggy wrote:
cobby1994 wrote:
Lisa Thomas wrote:
Cobby if you are in an interlocking IVA then the total joint equity could be less than £10k (5k) each for the equity clause to kick in.

How much equity is there and is this based on a valuaiton?


We are unable to re-mortgage anyway so surely the equity part of it doesnt come into it now?? surely it would just be down to another year of monthly payments?


The equity part is the key! IF there is less than £5k equity (£10k in the case of two interlocking IVA's) then the whole clause is moot -- it doesn't get triggered and there is no release to be sought or extension in it's place.


ahh right i see, and understand more now. it really baffles me all of this, can you tell :roll: thank you, Angela
cobby1994
Posts: 15
by cobby1994 » Wed Oct 17, 2018 12:31 pm
They have actualy been in touch and have informed me that a 12 month extension is required and will start as of November. Can I please ask would the monthly extension normally be the same amount as we were paying over the 5 years does anyone know?? tia
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Foggy
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by Foggy » Wed Oct 17, 2018 1:18 pm
cobby1994 wrote:
They have actualy been in touch and have informed me that a 12 month extension is required and will start as of November. Can I please ask would the monthly extension normally be the same amount as we were paying over the 5 years does anyone know?? tia


It should be the same as you were paying at the end of the 5 year period.
cobby1994
Posts: 15
by cobby1994 » Wed Oct 17, 2018 1:24 pm
Foggy wrote:
cobby1994 wrote:
They have actualy been in touch and have informed me that a 12 month extension is required and will start as of November. Can I please ask would the monthly extension normally be the same amount as we were paying over the 5 years does anyone know?? tia


It should be the same as you were paying at the end of the 5 year period.


:( ok thank you, another year of struggling then :shock: :(
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kallis3
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by kallis3 » Wed Oct 17, 2018 2:10 pm
At least you can see the light at the end of the tunnel!!
cobby1994
Posts: 15
by cobby1994 » Wed Oct 17, 2018 2:16 pm
kallis3 wrote:
At least you can see the light at the end of the tunnel!!


cant see it just yet :-/ roll on the next 12 months :-( :-(
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kallis3
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by kallis3 » Wed Oct 17, 2018 2:52 pm
You'll get there!
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Lisa Thomas
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by Lisa Thomas » Thu Oct 18, 2018 9:37 am
Sorry to repeat myself but can you confirm how much equity there is in your property?

If you can show it is less than £10k then the extension may not be applicable and you may be able to complete your IVA now instead of paying another 12 months...
cobby1994
Posts: 15
by cobby1994 » Thu Oct 18, 2018 10:16 am
Lisa Thomas wrote:
Sorry to repeat myself but can you confirm how much equity there is in your property?

If you can show it is less than £10k then the extension may not be applicable and you may be able to complete your IVA now instead of paying another 12 months...


there is more than £10k :-/
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