I have to agree with Baldy on this one, if you sign an agreement then that is exactly what it is an agreement, it isn't fair to people to then change the goal posts because something has happened in relation to the world finances making it difficult or near impossible to re-mortgage etc if in an IVA.
I think this will go on and on and maybe changes in the IVA protocols are afoot but for now stick to what was agreed at the outset, if there were dividends agreed at the outset then look to solutions as to how these will be achieved without saddling someone with a 15 year debt etc.
As for fees, don't get me started on that one, because of the monies realised from PPI refunds i have seen mine go from £7000 to over £10800 so if monies are realised from a secured loan god knows what the fee may end being for folks, just my opinion!
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
No matter how good our IP is or how in tune with us they may seem to be, in reality at the end of the day it`s pretty evident we are all just part of their cash stream.
If the boot was on the other foot would we act any differently? after all, every one of us wants to earn as much as we can.
I would just like to think that if I was an IP, I wouldn`t give out advice knowing that it was at best incomplete and at worst misleading, leading to somebody who had complete trust in me signing a life changing document believing it was something that I knew it wasn`t.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
Wow - how a thread can grow over a 24 hour period. Can I suggest that anyone who may be concerned with their own IVA and the future requirement to release equity takes this up directly with their own IP - but do remember we don't have crystal balls either and cannot predict what will happen in the mortgage world over the next few years.
Country girl:
Have a check of your paper work because ours clearly states that any equity release by way of remortgage will not do the following:
Payments NOT to be more than 50% of the current IVA payment.
And the duration of the payments will NOT go past retirement age.
Hope that is of some help to you?
I know everybody does seem to have little changes in theirs because everybody has different circumstances.But its worth having a look.
It is VERY VERY hard Not to agree to these IVA's a lot of the time because for most it probley is the only way out, and sadly there are companys who are always going to take advantage of this knowing how you feel because you have just disclosed your whole situation to them. BUT those of us who have been using/looking at this site for a while know the IP's who do a blo*dy good job in looking after their clients.(THEY KNOW WHO THEY ARE!!!!)
Baldy.
