I think it is time to speak to the IP personally to understand on what basis they claim that your house is now included into the IVA. I know the guys really well, so if you would like me to have a word send me your details via e-mail. However, I am not sure that I have misunderstood your original p...

MelanieGiles wrote:

So in my book they cannot touch your house sale proceeds! Ask them again to clarify the basis of the advice you have been given.

I have asked them several times and they always have gone down this line, creditors get equity.

What can I do if they refuse to budge on this situation?

Andy

Hi, sorry forgot to mention that the sixth year was to replace an equity release in year 5, and also the house was listed under excluded items in the original agreement.

Andy

Hi All, Ive had my house on the market for 2 1/2 years, and just yesterday accepted an offer! After clearing mortgage, fees, and paying off the equity to a coownership scheme i will be left with approx 22000. I have 17 payments left out of 72, totalling 5032. Original debt was approx £51K, repayment...

Hi, A bit of an awkward situation has arisen. My wife has just commenced divorce proceedings and will be looking for money out of my house. Our joint IVA started in 2005 and I have since paid £296 per month into it, 48 x 296 = 14208, leaving 12 payments totaling 3552 In addition to this when the agr...

Hi Melanie,

I am selling my house in order to clear my IVA, and I am going to rent somewhere, so I will have no mortgage, don't want to have to pay all equity to IVA.

Andy

I was speaking to you about a month ago, the house was specifically excluded from the IVA by means of 12 months extra payments at £296, I own half the property thru the co-ownership scheme, they put up half the cost of the house at the start and are looking £99000 in return based on their recent val...

Further to previous query regarding excess equity in house :- I have finally received a reply from Grant Thornton. In order to proceed with a modification I need to forward house valuation, mortgage redemption figures, updated income/expenditure and a wriiten offer. If I give them all the details, a...

You will need every penny you have once the IVA kicks in, I started of with £1000 in my account which didn't last long!!

Andy

Not sure about the shared ownership part, getting the mortgage half of it will be dificult, as I assume you have no deposit being in an IVA, taking out more loans is probably forbidden, and any lenders will charge mega interest rates. I am trying to finalise my IVA and was in shared ownership before...

Sent off a letter to Gareth explaining situation and idea of full and final, await response.

Hi,

Shall I go for 30p in the pound or 35p as Andy suggested?

Andy

Here you go:

Abbey
Bank Of Scotland
Choice
Barclaycard
Morgan Stanley
marks & Spencer
MBNA
Alliance & Leicester
Intelligent Finance

Andy

Hi Melanie, Gareth is a hard man to get hold of, I spoke to the man dealing with my caae. He still insists that any excess equity would have to be paid to debtors. His reasoning behind this is that the 12 months extra payments which excluded the house would be not be valid as the house is sold, and ...

hi,

its actually Gareth Neill who is looking after my case, will speak to him on Friday, as I am working from 6:30 this morning to midnight to pay for this IVA!!!!!

Thanks

Andy (yawn!)