Post IVA equity release

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derek380

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Post by derek380 » Wed Mar 18, 2020 6:04 pm
Hi, I had an IVA with DFD, now Aperture. I paid my last payment in December 2018. Now Aperture are saying my IVA can’t be closed until I have released some equity in my property. I certainly don’t remember this being in my original contract. Is there a limited period between me paying last payment, and the IVA asking for Equity.

Foggy

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Post by Foggy » Wed Mar 18, 2020 6:17 pm
If you are a homeowner it will have been in your proposal -- it is a standard requirement. It should be done at month 54 and it is, at the ed of the day, your responsibility to see that it is done --- but Aperture should have been on the ball and prompted you. There is no time limit between getting this done and the last payment --- you are still in the IVA until it is completed formally, which will not happen until this is dealt with.

Dig out your paperwork and have a read, so you know what to expect.
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luluj

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Post by luluj » Thu Mar 19, 2020 4:20 am
Seems a little unfair it has taken 15 months to tell you this, but as foggy says releasing equity would be part of your agreement if a homeowner at the end of you it.
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Lisa Thomas

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Post by Lisa Thomas » Thu Mar 19, 2020 9:55 am
Check your original proposals and any modifications.

Usually the standard minimum equitable interest for the clause to kick in is £5,000.

Do you know how much equity you had at month 54?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

WallE

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Post by WallE » Mon Mar 23, 2020 11:37 pm
Were you given any reason for the delay in addressing the equity? And had you not chased them for completion of your last payment was in 2018?
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