I thought I had finished my iva

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abbiesmum2003

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Post by abbiesmum2003 » Wed Dec 04, 2019 10:12 pm
Hi Lin
Try not to worry or over think.
The house shouldnt be at risk, thats why you did an IVA...to protect house otherwise bankrupy would have been suggested.
Equity release is a standard clause in all IVA protocolfor home owners.
You wod have agreed to try and release equity at the end of the ivaif theres equity to release over £5k.
Get property valued by local agent....but get a realistic valuation-not a fancy unrealistic inflated valuation.
You wont be made to release more than you can afford and youd stop paying the IVA sum.
You have to pass the mortgage providers lending criteria and the payment has to be 50% of your iva payment so approx £60 a month based on you payinf £120 at present.
We used Select last year i was also terrified but couldnt have hoped for better. they were great. Really helpful reassuring and got us a great deal for a lot less than what i was anticipating.
Hope you get things sorted.

lin687

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Post by lin687 » Wed Dec 04, 2019 10:26 pm
Thanks for your reply mean a lot that people out there are in the same boat it’s just so scary as I’m alone on this and needing to keep food on the table is my main priority I just want this all over with as I feel trapped and like someone else is controlling my life! Thanks tho I sopose everyone feels the same in this! If I had my time over again I would have payed a lump sum and lent of family! But I didn’t want the ex to get away with it but unfortunately he has!! Xx

abbiesmum2003

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Post by abbiesmum2003 » Thu Dec 05, 2019 8:41 am
The IVA will release you from debt. It feels like a long journey but it gives you a fresh debt free start. Eventually.
Is it Select that have got in touch??
If so you are in good hands. They will help and not get you into more debt.
The house will be safe.
There is alot of specific criteria a remortgage has to meet, you may not even be able to do it in which case its one year of iva payments which you may be able to ask family to help you do a lump sum full and final offer to end sooner. We have all been there. Wanting to protect home amd children. I have 3 kids, the you gest wasborn during iva. We are free now and on verge of buying a new house with a high street mortgage just a tear after finishing. Its worth it in the end. And you can be proud of your achievement. Single working parent raising little people and managing to sort finances out is a massive thing to be proud of yourself for. Its by no means easy but worth it. Let us know how things go

lin687

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Post by lin687 » Thu Dec 05, 2019 9:08 am
Thanks very much for your kind words makes me feel better that people have come out the other side ok!! I’m just so unlucky tho!! If lightening was to strike it will hit me first 🥴 I do think my dad would help me now if I pay £120 bk a month for 12 payments what lump sum would I need to put down to get rid of the Iva thanks for everyone’s help and reassuring me xx

Lisa Thomas

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Post by Lisa Thomas » Thu Dec 05, 2019 9:12 am
Are you going to get a valuation? This is what you need to do. Ask the agent if it would have been much different at month 54.

Also get a redemption figure from your bank, ideally one based at month 54 of your IVA (assuming that is the date in your terms that you were due to get one)

It might be unnecessary to put forward an F&F if you can argue your interest is less than £5k.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

abbiesmum2003

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Post by abbiesmum2003 » Thu Dec 05, 2019 1:35 pm
Follow Lisas advice.
Get a valuation but as I said before not an inflated estate agent valuation! We all know they over value compared to actual value! take into consideration youve probably not repaires much over the years, decor might be not quite up to par (the lower rhe valuation the less equity youll have!)
Like lisa said also get a mortgage statement.
If there is less than £5k equity thenIVA will finish.
As a guide for F&F its usually 12 x iva payment (but can be a bit of wriggle room).
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