On the matter of equity my husband was told by two firms he would not get an IVA because we have no equity in the house. Melanie has put one forward for him though. I do confess to be concerned about lack of equity incase they say no but am hoping Melanie would propose an extra year. J
It doesn't matter if you have no equity. The one thing you do have to do is agree to the remortgage clause, and who knows what will happen in the next five years?
If there is not enough equity, or you cannot remortgage, you usually carry on for another 12 months.
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 just spoken to my husband; it was not two but three firms who said no equity no IVA these were Debt Free Direct, Newworld and Debt Reducers. On the question of the equity Clause in the proposal of my husband Melanie has proposed that the house be excluded for certain reasons my huband's age, my mother will have to live with us at some stage which cannot be too far off now, our son will have to leave his school if we have to move out of the catchment area and that there are no houses to rent here. Have to see what the creditors say now. Has anyone else been successful with a a house being excluded?
I think you will be fine. All those reasons are good ones and Melanie would not have done this if she were not confident of it being approved.
Her practise has an excellent record for approvals.
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
Are now I know who you are, you have supported my husband. Thank you he often mentions you - Jan, not Kallis 3. You will be pleased to know Max will be on here next week - Melanie asked that a picture of him is put on which I am gong to try to do. If you know anyone in your Admin they call add "Barclay's Friend" under the picture. J
If you have problems putting the picture on, email admin and they will do it for you, or if you are stuck, let me know and I'll email them 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
I shall do that, thank you. David can't do it, he and computers just do not get along. J You are right, of course, we have, both of us, great trust in Melanie, she would not waste her time and money putting forward something that would be laughed out of court. I just wish I had your confidence though - you come across as an extremely confident and forthright woman. J
I'm not as confident as you think! I just like to help everyone on here when I can, and having been through what you are going through (and was a nervous wreck before my meeting!) I want to give something back.
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
Hi Guys, strange all of us kicking our heels waiting for our CMs. I am thinking of stepping back from the forum until after the meeting. I just seem to get myself in a state reading posts and hearing half truths about creditors acceptance criteria. I was really down last night convinced I would be rejected and began reading up on Bankrupcy. This actually did help as other than the publicity angle it doesn't seem that bad.
I just need to shut it out now and let David deal with it. Today was an exmaple with this equity discussion.
Hope you are all bearing up better than me.
Elv5
To answer your earlier question - we have no equity release clause in our agreement for much the same reasons as you - i.e. our age precludes us from any reasonable possibility remortgaging. We are also with Melanie.
I did exactly the same last night as well. No need to worry as far as I am concerned now what will be will be. If it ends up with bankruptcy then after all it isn't that bad. It would also give me the opportunity to go down a different career path. Keep your chin up though as we are better than creditors as we have only made this mistake once and they are doing it every day and they still have not learned.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
Thank you johnh - Hope you succeed. Paul, I am not allowed to use the word worry - only if I can it in Chinese so I use concern instead. You are a brave man - b/r for us is a no way - I could never return to the job I did mand I think it would finnish my husband. Put you jokes into book form on here!!! David is determined to meet up with you one day.J
You've got a good attitude Paul. When I went into my IVA I did it because I was terrified of BR, and it wasn't mentioned to me as an option by the company I was with. When it actually happened it was nowhere near as bad as I thought and it meant I could have a fresh start.
