At the end of year 4. Need to remortgage for £3K (Not a chance). Have been advised that the variation we wanted to offer (pay extra 6 months) will be 99% likely to be refused. This was worth £8.5K. Any advice please? Seems deeply unfair. We have also looked at offering a lump sum but we were told not to consider this. Also told if we pushed for this to be taken to creditors we would end up paying more!!!
Hi,
Im certainly no expert, but think i will be by the end of my IVA. The equity release clauses seem to be common now, which i think is unfair. i know we all want to repay creditors as much as poss, but why agree xx in the £, and then at end or close to end of your term ask for another yr Grrrr.
Anyway Ramble over hope you find a solution
Regards
Geoff
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
I have answered on your other post - but I have to say I feel you are being poorly advised. Are you actually dealing with the IP appointed to your case, and which firm are you with?
MelanieGiles wrote:
I have answered on your other post - but I have to say I feel you are being poorly advised. Are you actually dealing with the IP appointed to your case, and which firm are you with?
This doesn't make sense, you can't remortgage for £3k so instead offer an extra 6 payments worth £8.5k and it's likely to be refused.
What planet are these creditors on, there is a lot of political talk just now about 'FAIRNESS', not a lot of fairness being shown here.
I think your IP needs to get his act together and start representing you, send him a personal e'mail.
willowstar29 wrote:
At the end of year 4. Need to remortgage for £3K (Not a chance). Have been advised that the variation we wanted to offer (pay extra 6 months) will be 99% likely to be refused. This was worth £8.5K. Any advice please? Seems deeply unfair. We have also looked at offering a lump sum but we were told not to consider this. Also told if we pushed for this to be taken to creditors we would end up paying more!!!
IVA COMPLETED ON THE 17th MARCH, FINAL I&E COMPLETED 26th APRIL, COMPLETION CERTIFICATE ARRIVED 2nd AUGUST
Is the equity figure £3000,as in three thousand? This makes no sense unless a zero is missing or your iva firm are talk rubbish! Where would lump sum funds come from?
This type of thread worries me greatly because IPs have clients over a barrel!
Not all IPs are the same,let's hope the bad ones get hounded out of the business for the sake of us all!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I am not 100% sure what the original poster is saying but I think it may be similar to what I think will happen to me.
This is largely dependant on house prices so very likely to change.
At month 54 (or whenever) you get a valuation, if my equity is > £5k then you need to pay an extra year. So if my equity is £8k, i.e. £3k over the limit I have to another years payments (circa £15k!!!).
That doesnt sound fair. IS that what the OP is saying?
Good News!
We have just heard from GT that our IVA has been reviewed! Now only have to pay 2 months instead of 12!!! It's taken months to resolve but if you keep asking why at some point someone listens! GT have now agreed that we only have to pay the equity that is available which works out at 2 months additonal payments. Thank you everyone for your support again.
Excellent news willowstar - really pleased for 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
