Hi mouldymuffin99 my IP is irrelevant really as I sent an email to clarify the point and have a written copy. They are looking into it but are saying that it looks like an extension is likely because of the wording. I have a problem with it because if I had £1000 of releasable equity at 85% and coul...

Thanks as always Melanie.

If a 12 month extension is forced, how likely would it be to have a F and F offer accepted for the full amount of the 12 month extension accepted if it is made at the time it becomes obvious that equity cannot be released?

It seems that this clause is badly worded due to the confusion it causes and depends on how it is interpreted.

It seems that this clause is badly worded due to the confusion it causes and depends on how it is interpreted.

Just spoke to my IP and they said that the £5000 equity would be of releasable equity so it is unlikely that my IVA will be extended.

Thanks Melanie. Wow this is confusing. Although ltv is 87% I have over £5000 equity so wouldn't I have to do an extension?

I really hope not. I'm going to email my ip today to get clarification and I'll post what they have said on here.

So in my case I have a mortgage for £183000 and the house is valued at £209000, will my iva be extended 12 months even though the ltv is more than 85%?

Thanks Andy.

Thanks Gillib, so it's not on 100% of the house value it's the difference between 85% and the mortgage. Am I correct?

I've been searching for an answer to this but can't find one so I hope someone can help me out. I have the clause of equity release in month 54 at 85% LTV. 'After month 54 of the arrangment the Supervisor will obtain a professional valuation of the property. The debtor will then obtain two remortgag...

Thanks everybody for their advice. When I hear from the IP I'll post the outcome on here for the benefit of forum users.

Hi Melanie. I have always been asked to supply my company accounts which is logical. I prefer the IP to see them so that I don't have any nasty shocks. The £7k has built up over the 4 years and my IP has seen this on a yearly basis. The last set of accounts showed £5K and they didn't ask for any add...

Hi Andy,

Thanks for your reply I appreciate it.

Hi Melanie, thanks for the response. The only thing I can find is a modification which says, "A full review of the debtor's income and expenditure will be undertaken annually by the supervisor and will be incorporated into the annual report to creditors. This must include a copy of the Debtor's late...