hello my iva last payment is march 2010

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densbar
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by densbar » Fri Jan 22, 2010 3:02 pm
hello
my iva last payment is march 2010,i then have to release equity this amount is £23000.
i have just been offered a remorgage of £128000 but my current morgage is £70000 and my second charge is £52000 so how can i release equiety?
this figure was given to me when my iva first started house prices have fell since then cant get my head around this.
please help
kind regards denis

 

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Michael Peoples
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by Michael Peoples » Fri Jan 22, 2010 3:41 pm
Hi Denis and welcome to the Forum.
If you cannot raise any more than £6k before costs that is all creditors can expect. However, it may be cheaper to have your IVA extended by 12 months if the new payments are entirely at adverse rates. You could then switch the lot back down the high when your IVA is over as your credit file should have cleared by this time.

Ring your IP for some advice but commit to nothing that leaves you massively worse off.

 

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densbar
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by densbar » Fri Jan 22, 2010 4:06 pm
thanks michael

 

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MelanieGiles
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by MelanieGiles » Fri Jan 22, 2010 8:05 pm
Do you have the option to extend the IVA by another year?

 

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densbar
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by densbar » Fri Jan 22, 2010 10:51 pm
dont know melanie,but if i do does the iva still complete as i will have paid 60 payments?

 

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Lisa2009
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by Lisa2009 » Fri Jan 22, 2010 11:29 pm
Check what it says in your paperwork with regards to the equity release. If you cant find anything then give your IP a quick call and get them to clarify.

Well done on coming so far

 

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MelanieGiles
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by MelanieGiles » Sat Jan 23, 2010 12:37 am
If you have to pay for an extra year the IVA will conclude at the end of 72 months.

 

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millsy22
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by millsy22 » Sat Jan 23, 2010 7:24 am
hi good morning to all have read alot re equity release even posted myself wouldnt it be goo if encluded with chairmans report a note in understandable english what it all entails i feel really stupid that even reading all my paperwork still not quite sure what happens

 

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Shining
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by Shining » Sat Jan 23, 2010 7:30 am
Millsy never feel stupid your IP is there to explain if you don't understand, I don't always understand and won't say I understand the equity issue 100% but know for clarification IP is first port of call and they will explain.

You've always got us on the forum who do try and help but for absolute clarification of you would need to go direct to your IP.

 

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millsy22
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by millsy22 » Sat Jan 23, 2010 7:40 am
hi lesley thanks for advice i did email payplan and got a reply back saying if wanted to tey and remortgage then down to us but they dont help but i was telling that couldnt remortgage and hoped that they would advise what happens next oh well will have to try again

 

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Shining
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by Shining » Sat Jan 23, 2010 7:49 am
Did you talk to your IP millsy? or a case worker? you can email your IP direct, mind they may just pass it to a case worker to reply I guess. I personally don't think that many people will be able to remortgage in this climate and think an extra 12 months will be payable, but again I also think that depends on how much equity is in the property as if it's less than a certain amount (check proposal) the IVA I do believe could conclude. Like I say I don't really understand it and as I'm only just about to make payment 25 I've not really taken it in properly but will hopefully understand it a bit more after talking with my IP directly in my final year. x

 

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MelanieGiles
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by MelanieGiles » Sat Jan 23, 2010 11:00 am
You make a good point Millsy that IP's should ensure that their clients fully understand the terms of the equity release provisions so that they know what to expect in the final year. In my firm we send out detailed meeting notes which we ask our clients to sign to demonstrate that our advice has been fully understood.

 

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millsy22
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by millsy22 » Sat Jan 23, 2010 11:22 am
hi thats a good idea because when you first start an iva you are full of euphoria that often dont always take in every rthing that is spoken/written so to have it put in a letter is to my mind commonsense and lesley ive never spoken to our ips in all the time weve had an iva only caseworkers who have changed a few times

 

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kallis3
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by kallis3 » Sat Jan 23, 2010 12:21 pm
I spoke to my IP on the date my IVA was approved, since then it has been caseworkers, but I've always had excellent help over the phone.

 

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MelanieGiles
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by MelanieGiles » Sat Jan 23, 2010 12:27 pm
Meetings with the IP personally are an essential part of the process so far as I am concerned. I would never engage a professional firm personally without at least speaking or meeting with the person ultimately responsible for my case - and this should be no different for clients in IVAs.
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