Checking equity on re mortgage at end of IVA

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toni820
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by toni820 » Wed Apr 12, 2017 7:46 am
When looking at re mortgage at the end of the IVA term it states that each gets a share of equity,
I am being told different by my advisors.
I have checked this on money saving expert and it states you get £5000 each.
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Foggy
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by Foggy » Wed Apr 12, 2017 8:00 am
The majority of arrangements -- and the majority of IPs -- work on your share of equity being more than £5000. If you have interlocking IVAs then that should be £5000 each. But a few IP's dispute this and it will come down to the exact wording used in the proposals or Chairman's Reports.

Personally, after checking my paperwork, I would challenge this with them and speak directly with the IP, not his admin staff. Then follow this up with a complaint, escalated to the regulators if need be.
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Lisa Thomas
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by Lisa Thomas » Wed Apr 12, 2017 10:23 am
I agree with Foggy - my understanding is that it is each parties interest having to be over £5k so if you are in interlocking IVAs then your equity would need to be over £10k for the clause to kick in.

Have a careful look at your paperwork and the wording used.
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