Worried about IVA and redundancy

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Steeddie
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by Steeddie » Fri May 26, 2017 4:04 pm
Lisa Thomas wrote:
I think for you it will depend on whether the 12 month extension will apply - you might want to get a valuation to establish this.


I have just had an agent to take a look at my property she said a quick sale I would be looking at 60000.
I owe 48000 on the morgage can someone help with the equity calculation.
Lisa said there are 2 calculations so I'm confused.
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Foggy
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by Foggy » Fri May 26, 2017 4:28 pm
The usual method:

Value £60,000 x 85% = £51,000 less secured lending of £48,000 = equity of £3,000 ---- no extension

The "other" way:

Value £60,000 less secured lending of £48,000 = £12,000 equity x 85% = £10,200 --- extension (unless joint owned --- in which case your share is £6000 x 65% = £5100 --- if you could lose that £101 - no extension).
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Steeddie
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Joined: Mon Sep 02, 2013 2:05 pm
by Steeddie » Fri May 26, 2017 4:45 pm
Foggy wrote:
The usual method:

Value £60,000 x 85% = £51,000 less secured lending of £48,000 = equity of £3,000 ---- no extension

The "other" way:

Value £60,000 less secured lending of £48,000 = £12,000 equity x 85% = £10,200 --- extension (unless joint owned --- in which case your share is £6000 x 65% = £5100 --- if you could lose that £101 - no extension).

Thanks foggy,
Both me and my wife are in the iva would the joint share calculation be applicable.

The only issue I have now is proving it because the woman just wrote the price on a brochure.
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Foggy
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by Foggy » Fri May 26, 2017 5:02 pm
Steeddie wrote:
Foggy wrote:
The usual method:

Value £60,000 x 85% = £51,000 less secured lending of £48,000 = equity of £3,000 ---- no extension

The "other" way:

Value £60,000 less secured lending of £48,000 = £12,000 equity x 85% = £10,200 --- extension (unless joint owned --- in which case your share is £6000 x 65% = £5100 --- if you could lose that £101 - no extension).

Thanks foggy,
Both me and my wife are in the iva would the joint share calculation be applicable.

The only issue I have now is proving it because the woman just wrote the price on a brochure.


There are ( as ever) differing views on equity share in interlocking IVAs --- many (most) take the view that each IVA has it's own £5k trigger relating to your own share. So EACH of you have £5k -- a few say each of you have £10k ( like having your cake and eating it!).
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Steeddie
Posts: 47
Joined: Mon Sep 02, 2013 2:05 pm
by Steeddie » Fri May 26, 2017 5:08 pm
Foggy wrote:
Steeddie wrote:
Foggy wrote:
The usual method:

Value £60,000 x 85% = £51,000 less secured lending of £48,000 = equity of £3,000 ---- no extension

The "other" way:

Value £60,000 less secured lending of £48,000 = £12,000 equity x 85% = £10,200 --- extension (unless joint owned --- in which case your share is £6000 x 65% = £5100 --- if you could lose that £101 - no extension).

Thanks foggy,
Both me and my wife are in the iva would the joint share calculation be applicable.

The only issue I have now is proving it because the woman just wrote the price on a brochure.


There are ( as ever) differing views on equity share in interlocking IVAs --- many (most) take the view that each IVA has it's own £5k trigger relating to your own share. So EACH of you have £5k -- a few say each of you have £10k ( like having your cake and eating it!).


Nightmare foggy thanks I will ring Harrington brooks on Tuesday
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