What to look for in a proposal.

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baldy

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Post by baldy » Mon Sep 27, 2010 1:42 pm
Just had a call from cccsva to say our proposal is in the post.
Just wondered if there was anything in particular to look out for in it?
We do have a property with a fair amount of exquity in it. But having been using this site for about 6 months now i do not think ive come across anybody who has managed to release any from their property and they all seem to end up doing the extra year.
Ive had to agree to make some extra payments because i bought a private number plate in memory of my mum ages ago which they valued it online as £2000!!!! and i got written confirmation from the same company that it would be worth £700/£750!![:(!] so we have had to meet in the middle.
Is there any clause's that anybody thinks we should look out for? only we dont want to find we have missed something out in the proposal 4-5 years time!
Once again many thanks for everybodys help.
 
 

kallis3

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Post by kallis3 » Mon Sep 27, 2010 1:47 pm
You should make sure you're totally happy with your proposal before you sign it and send it back. If there's something you don't understand, you can ask on here and someone will be able to help you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

sprowstonboy

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Post by sprowstonboy » Mon Sep 27, 2010 1:53 pm
I had a 'desirable' number plate a few years ago. one agency said they could sell it for £300, but when i went through the small print i was going to end up with about £120 because of commission and the cost of getting a replacement plate. i would look very carefully at what you will end up with net. I would argue that the net amount is what should be declared into your iva, not the sale value!
 
 

kallis3

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Post by kallis3 » Mon Sep 27, 2010 2:05 pm
We have a personalised plate as well and we were allowed to keep it. OK, it's only a bog standard DVLA plate but it is our initials so it means something to us.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

baldy

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Post by baldy » Mon Sep 27, 2010 2:29 pm
There is No question about selling it, i will NEVER EVER sell it.
I have been able to keep it but have to make additional payments to cover estimated value.Funny thing is the plate and car together is worth less than £3000 yet if i had a car worth £4500 would i have to make extra payments?
You are absolutely right about what they say its worth and what you would actually get is two different things!
Still the postman has just posted two big envelopes through the door and have just been having a quick glance through all the paper work of our proposals and it all seems pretty straight foward.( Will study it in much finer detail later!!)
I just want to make sure i know whats going to happen when we get to payment 54 and we need to look at releasing some equity from the house.
Running the IVA for an additional 12 payments seems straight foward,BUT would we be able to re-mortage? to pay any extra into it? I would love to have a better idea of that option.
Im sure there was a mortage broker on here who said the 4 major mortage lending companys looked at IVA's as good as bankrupt and there is no way you would be able to remortage.
Its just nice to know if and how anybody else did re-mortage after the 4 year period.
Thanks for all your replys.
 
 

Michael Peoples

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Post by Michael Peoples » Mon Sep 27, 2010 2:35 pm
Four years ago it was easy to get remortgages for those in IVAs but it is now almost impossible. However, circumstances may change again in the next four years so you might be able to release equity when the time comes. Ultimately, people in their final year of an IVA are actually a good risk. They have paid their IVAs and mortgages for four years and if the new mortgage is approved they will be debt clear paying less than the total combined IVA and mortgage payment.

They also have learned from their previous mistakes and are very unlikely to risk their homes again. Lenders will see this in time and I am sure products will return to the IVA market but it is anyone's guess as to when.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Broke of London

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Post by Broke of London » Mon Sep 27, 2010 7:02 pm
Check that the expenditure is sustainable for you. And make sure you are clear about what happens with overtime, bonuses, payrises and second jobs. These are really two big areas for lots of people.
 
 

MelanieGiles

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Post by MelanieGiles » Mon Sep 27, 2010 10:57 pm
Your IP should be taking you through the proposal, and ensuring that you fully understand all of the content and provisions, before finalising it and sending it to you in the post. If this has not happened, do read it through carefully to make sure that you fully understand all of the terms - and if you don't then book an appointment with the IP to go through it.

Five years is a long time to find out that you did not fully understand any elements of this contract.
Regards, Melanie Giles, Insolvency Practitioner
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