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by Foggy
Wed Apr 08, 2020 6:50 pm
Forum: Ask IVA Forum and Industry experts
Topic: Full and Final Offer
Replies: 4
Views: 85

May I ask the reasons for you havinbg a 50% share ? Have you purchased with a partner / friend / parent, or is the property a shared ownership property with a housing association ? I ask because, if the latter, there is every likelyhood that a remortgage or secured lending would be impossible anyway...
by Foggy
Wed Apr 08, 2020 6:26 pm
Forum: Ask IVA Forum and Industry experts
Topic: Full and Final Offer
Replies: 4
Views: 85

If you sell during the IVA you are expected to pay the equity to your creditors .... all but 15%, which you keep. To use equity as a bargaining tool in a F&F needs to be approached differently. Unfortunately you have already put all your cards on the table! What should have been done was to offer to...
by Foggy
Wed Apr 08, 2020 6:13 pm
Forum: Ask IVA Forum and Industry experts
Topic: IVA & Maternity Leave/Pay
Replies: 7
Views: 116

How long have you been paying and how much per month ? Has there been any PPI and extra income paid in ? On an £8k debt it would take around £3k in fees and statutory interest ( if it is payable, which is not always the case) would be , so far, around the £2k mark ---- so About £13k would see it cle...
by Foggy
Wed Apr 08, 2020 2:35 pm
Forum: Ask IVA Forum and Industry experts
Topic: Can I buy a bike whilst in an IVA?
Replies: 2
Views: 109

As long as you have paid the IVA the agreed share, what you do with the money is your business --- chances are that they will never know what it went on anyway !
by Foggy
Wed Apr 08, 2020 1:01 pm
Forum: Ask IVA Forum and Industry experts
Topic: IVA & Maternity Leave/Pay
Replies: 7
Views: 116

A substantial reduction in payments would have to be agreed by the creditors and they may well agree this on the condition that extra time is added (however, they may just agree with no extensions) -- it will depend on the figures at the end of the day. My usual advice would have been to talk to you...
by Foggy
Wed Apr 08, 2020 9:08 am
Forum: Ask IVA Forum and Industry experts
Topic: Can I keep my tax rebate?
Replies: 2
Views: 125

I have seen tax rebates treated in different ways by different IPs, depending on their own policies as well as the nature of the rebate. You really need to ask your provider.
by Foggy
Tue Apr 07, 2020 8:06 pm
Forum: Ask IVA Forum and Industry experts
Topic: Do fees get added to secure loan when releasing equity for an IVA?
Replies: 8
Views: 221

Thanks for your post Foggy, always enjoy reading your posts / replies. It would be useful to debtors if the Companies offering help to enter into an IVA discuss this sort of thing from the outset so a more informed decision can be made. This forum is an uplifting source of knowledge and definitely ...
by Foggy
Tue Apr 07, 2020 7:15 pm
Forum: Ask IVA Forum and Industry experts
Topic: Do fees get added to secure loan when releasing equity for an IVA?
Replies: 8
Views: 221

These deductions are industry wide and agreed with the creditors. In the case od PPI I guess that 40% of something they were neither expecting, nor would have got otherwise at all, is a bonus to the estimated initial dividend.
by Foggy
Tue Apr 07, 2020 2:11 pm
Forum: self employed and company/business
Topic: Business grants
Replies: 5
Views: 195

I hope they take into consideration I haven’t adjusted any payments on my account and my main source of income is furlough pay, and to top it off other expenses which were fairly low have now more than doubled. Would the government grant be classed as a windfall payment? Otherwise my business is sc...
by Foggy
Tue Apr 07, 2020 1:01 pm
Forum: Ask IVA Forum and Industry experts
Topic: How does it work if I move in with girlfriend whilst in an IVA?
Replies: 5
Views: 283

It is common for lodgers / tenants to pay rent and a contribution to utilities (power, CT share, landline, maybe even wi-fi these days) . Food and household goods would be seperate and your responsibility.
by Foggy
Tue Apr 07, 2020 12:58 pm
Forum: Ask IVA Forum and Industry experts
Topic: Do fees get added to secure loan when releasing equity for an IVA?
Replies: 8
Views: 221

Thank you for your confidence, Kallis, but this is one for Select to answer.
by Foggy
Tue Apr 07, 2020 12:56 pm
Forum: Ask IVA Forum and Industry experts
Topic: What happens if by releasing equity I repay more into IVA than I owe?
Replies: 1
Views: 201

The most you will pay will be the full original debt, plus fees and possible statutory interest. Sometimes Statutory interest is excluded and, in any case, equity release funds do not go towards it.
by Foggy
Mon Apr 06, 2020 5:05 pm
Forum: self employed and company/business
Topic: Business grants
Replies: 5
Views: 195

I would imagine that this is something even IPs will be needing to consult on and will depend on the fine detail of the terms and conditions of the grant.
by Foggy
Mon Apr 06, 2020 1:36 pm
Forum: Ask IVA Forum and Industry experts
Topic: How does it work if I move in with girlfriend whilst in an IVA?
Replies: 5
Views: 283

They may require sight of a tenancy agreement and check that the charge is the going rate for the area --- that aspect will be down to the policy / thoughts of the individual IP.
by Foggy
Mon Apr 06, 2020 1:34 pm
Forum: Ask IVA Forum and Industry experts
Topic: Will I be allowed to overpay my mortgage while on IVA?
Replies: 6
Views: 296

In theory, as you are sacrificing other allowances for the extra payment, there would be no issue .... however, as an IP, seeing that a client can afford to cut allowances by £100 on a regular basis would make me question the level of allowances ..... if you can do this to increase your mortgage rep...
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