Will my payments go up?

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sam666

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Post by sam666 » Fri Nov 09, 2018 5:43 pm
Hi wonder if you can help me I was unable to release from my property on the 5th year so I will continue for the 6th year but I am confused by this sentence on my paper work 12 additional monthly contribution with the aggregate sum paid to the supervisor being limited to 85% of my interest in the property? Will my payments go up ?

luluj

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Post by luluj » Fri Nov 09, 2018 5:55 pm
My understanding is you continue to pay at the rate you are, unless I & E dictates you can pay a little more, for the next 12 months
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Foggy

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Post by Foggy » Fri Nov 09, 2018 6:04 pm
sam666 wrote:
Hi wonder if you can help me I was unable to release from my property on the 5th year so I will continue for the 6th year but I am confused by this sentence on my paper work 12 additional monthly contribution with the aggregate sum paid to the supervisor being limited to 85% of my interest in the property? Will my payments go up ?
The 12 monthly payments are at the normal rate. The caveat they give is to limit the total of those payments to 85% of your interest. So, say that the interest is £6000, 85% of this is £5100. So the payments cannot exceed 5100 divided by 12 --- £425
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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