old chesnut, mortgage equity

Get expert opinion. This is the place for new questions to be posted.
10 posts Page 1 of 1
 
 

orchid5

User avatar
Posts: 1814
Joined: Sat Jul 05, 2008 2:37 pm
Location: United Kingdom

Post by orchid5 » Sat Sep 11, 2010 9:22 am
Hi All, hope that you are all well and despite the disappointing summer have rested and enjoyed any time off that you had. I have just recieved my annual report, i can't believe i have now been paying for 3 years and today have got 22 payments left. Something that has caught my eye is the Asset listing on my report and it is as follows:

'The debtor's property will be valued one year before the conclusion of the arrangement to assess if there is any available equity.'

This is due to happen next july and judging by the current climate i doubt very much if my house value has increased that much, a house down the road is actually up for sale for around £3000 more than i paid for mine, however i took a 95% mortgage out and owe todate something in the region of £72,000 (house purchased for £82,000).If i am reading my report correctly whilst they are hoping that there is equity it would appear that that they aren't stating an amount and to be honest they were aware of this when i took my IVA out. I'm hoping therefore that my IVA will conclude at 60 months as laid out in my terms and conditions but only time will tell. I know you shouldn't wish your life away but i do somehow wish that i was 12 months forward and at least i'd know one way or the other whether i only a few months left to pay or have to go to a 72 month, hey ho only time will tell.

Take care everyone. xxx

Take care be safe everyone.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.

IVA COMPLETED August 2012, received Completion certificate 18.4.13.
 
 

liamjames

User avatar
Posts: 734
Joined: Mon Jul 27, 2009 9:58 am
Location:

Post by liamjames » Sat Sep 11, 2010 10:45 am
Hi Orchid!

Is any equity assumed in your Statement of Affairs calculations?

Unless there is more to the clause than the quote, I'd have a quick chat with your IP about the procedure as it seems to leave a lot to his discretion. There's absolutely no reason why you can't get him to clarify this in writing before the valuation is due, and it would set your mind to rest!

Take care! :)
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

User avatar
Forum Expert
Posts: 76941
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sat Sep 11, 2010 11:59 am
Nice to see you again orchid. You're definitely on the downhill stretch now.

I hope you do manage to complete within the 60 months. If not then the IP may go back to the creditors to see if they want an extension.

I would give them a ring and see if they can give you an idea now and let us know how you get on.
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
 
 

orchid5

User avatar
Posts: 1814
Joined: Sat Jul 05, 2008 2:37 pm
Location: United Kingdom

Post by orchid5 » Sat Sep 11, 2010 2:27 pm
Hi liamjames, no i can't recall any figures being mentioned at the outset of my IVA. I'd only had my mortgage for a year at that point and had to send in valuations then, there was very little equity in the house as i had taken a 95% mortgage out and to be honest don't see the house prices increasing to the extent that there will be anything of interest there. Added to the fact that with the present climate i think it will become increasing difficult to remortgage, i will also be nearing my 53rd birthday so not a good prospect for any lender who may take pity on me! Hey ho time will tell and who knows what will happen between then and now.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.

IVA COMPLETED August 2012, received Completion certificate 18.4.13.
 
 

plasticdaft

User avatar
Forum Expert
Posts: 9562
Joined: Wed May 21, 2008 12:45 pm
Location: United Kingdom

Post by plasticdaft » Sat Sep 11, 2010 3:52 pm
I would anticipate a 12 month extension and if it doesnt happen then xmas has come early!!

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

kallis3

User avatar
Forum Expert
Posts: 76941
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sat Sep 11, 2010 4:28 pm
I think I'm inclined to agree with you Paul. A lot of older ones these days do a variation to take into account the fact that you won't get a remortgage.
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
 
 

orchid5

User avatar
Posts: 1814
Joined: Sat Jul 05, 2008 2:37 pm
Location: United Kingdom

Post by orchid5 » Sat Sep 11, 2010 10:43 pm
Well fingers crossed for that day next year and hopefully they will accept the payments up till the 60th month, if it goes to a 72 then so be it and finished thankfully.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.

IVA COMPLETED August 2012, received Completion certificate 18.4.13.
 
 

kallis3

User avatar
Forum Expert
Posts: 76941
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sun Sep 12, 2010 8:08 am
I hope you can manage to get it sorted without the extra twelve months.

I'm resigned to doing it.
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
 
 

orchid5

User avatar
Posts: 1814
Joined: Sat Jul 05, 2008 2:37 pm
Location: United Kingdom

Post by orchid5 » Sun Sep 12, 2010 9:30 am
Yes i know what you mean Jan, that is the route i shall be looking towards and if, if they decide enough is enough and 60 mths IVA then nice one as Paul says xmas has come early but i somehow think they will want everything back so it will probably extend to a 72 month IVA. A little sneeky really as they knew when i signed on the dotted line that there was no equity in the house only the 5% deposit i had put down but then again probably didn't forsee the down turn of the economy either. Ah well another year before this all happens.

Hope you are well.

x
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.

IVA COMPLETED August 2012, received Completion certificate 18.4.13.
 
 

kallis3

User avatar
Forum Expert
Posts: 76941
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sun Sep 12, 2010 10:57 am
At least it will be on the downhill stretch!

I'm fine thanks - hope you are as well.
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
10 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”