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by Lisa Thomas
Thu Apr 19, 2018 8:22 am
Forum: Ask IVA Forum and Industry experts
Topic: I have no idea how much I need to be asking to remortgage for
Replies: 12
Views: 479
Are you sure the extension clause will kick in? I presume you have 'standard' terms, if so do you have more than £5k of equitable interest?
by Lisa Thomas
Thu Apr 19, 2018 8:21 am
Forum: Ask IVA Forum and Industry experts
Topic: Payments not made to creditors
Replies: 4
Views: 374
I expect the £3k has been swallowed up in costs. Some IPs do not pay a dividend until the end of the IVA, depending on the figures involved.

Check your proposals and modifications to see the proposed dividend dates or if in doubt ask your IP about it.
by Lisa Thomas
Thu Apr 19, 2018 8:14 am
Forum: Ask IVA Forum and Industry experts
Topic: I am going to pay more back than I owe on my IVA - Is this right?
Replies: 5
Views: 306
As Foggy says you always owe the debt, interest and costs throughout an IVA and any balance unpaid at the end of a successful IVA is written off.

The IVA would have meant that you got to keep your property which would likely have been lost had you been made Bankrupt.
by Lisa Thomas
Wed Apr 18, 2018 11:19 am
Forum: Ask IVA Forum and Industry experts
Topic: Iva full and final
Replies: 3
Views: 507
Once they have received everything they need from you they have 21 days to call the creditors meeting to consider your variation. (This will be in your terms - check the variation section) They have to give at least 14 days notice of the meeting. So unless is is adjourned, once you gave them everyth...
by Lisa Thomas
Wed Apr 18, 2018 8:08 am
Forum: Ask IVA Forum and Industry experts
Topic: Sell off house to pay off IVA
Replies: 3
Views: 754
You could propose a variation to sell the house and pay creditors the same amount they would have received in contributions had the IVA continued in the normal way, from the equity. But get this variation agreed FIRST otherwise all of the equity will have to be paid into the IVA unless and until the...
by Lisa Thomas
Wed Apr 18, 2018 8:05 am
Forum: Ask IVA Forum and Industry experts
Topic: NRAM and F&F offers
Replies: 14
Views: 5064
Best of luck.
by Lisa Thomas
Tue Apr 17, 2018 3:47 pm
Forum: Ask IVA Forum and Industry experts
Topic: Do i must release the equity 6 month before the end of IVA?
Replies: 16
Views: 975
If getting a lump sum from parents to settle creditors you might be best off doing a deal direct and avoiding an IVA altogether...
by Lisa Thomas
Tue Apr 17, 2018 3:24 pm
Forum: equity release
Topic: Equity Clause from HMRC
Replies: 10
Views: 848
Speak To Shaun aout remortgage options. I can't see why HMRC would remove this without something in exchange when they put it in in the first place, otherwise what would have been the point of them original putting it in? What does your IP think? Do you have any third parties who could give you a lu...
by Lisa Thomas
Tue Apr 17, 2018 1:47 pm
Forum: Ask IVA Forum and Industry experts
Topic: I am being asked to inflate expenses. Is this rIght
Replies: 5
Views: 887
...and no it's not correct - you have to sign and declare the informaiton contained in the IVA proposals as being true and you are aware that false representations could default/void any IVA approved.
by Lisa Thomas
Tue Apr 17, 2018 1:46 pm
Forum: Ask IVA Forum and Industry experts
Topic: I am being asked to inflate expenses. Is this rIght
Replies: 5
Views: 887
Did they put this in writing to you?

I would suggest a formal complain might be in order if this is their standard practice -

https://www.gov.uk/complain-about-insol ... actitioner
by Lisa Thomas
Tue Apr 17, 2018 1:45 pm
Forum: Ask IVA Forum and Industry experts
Topic: Do i must release the equity 6 month before the end of IVA?
Replies: 16
Views: 975
It depends on what terms your chosen IP uses for you.

Standard 'protocol terms' have the equity/extension clause as standard. R3 terms do not.

So if you use standard protocol terms you will have a 6 year IVA.

Your chosen IP will be able to explain it to you.
by Lisa Thomas
Tue Apr 17, 2018 1:40 pm
Forum: equity release
Topic: Equity Clause from HMRC
Replies: 10
Views: 848
What was your original intention when you agreed to the modification, how did you think you would achieve it?
by Lisa Thomas
Tue Apr 17, 2018 12:09 pm
Forum: equity release
Topic: Equity Clause from HMRC
Replies: 10
Views: 848
I suspect this was HMRC's way of giving you time to realise the equity in the property. i.e they agreed to the IVA but their goal was always that you would need to sell the house or come up with 3rd party funds to keep it within 2 years. I doubt they will be prepared to modify it unless they are goi...
by Lisa Thomas
Tue Apr 17, 2018 12:06 pm
Forum: Ask IVA Forum and Industry experts
Topic: Will I get to keep inheritance after IVA completed
Replies: 8
Views: 898
That statement would be correct if the IVA was still open but you say it has completed.
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