Posted: Tue Aug 21, 2007 8:01 am
Hello all,
I would first of like say how excellent this website and wish I would have known about before going for my IVA.
A little while I posted on this website to get a bit of advice because my partner could not cope with the realisation of life under an IVA i.e cutting cloth accordingly. I am pleased to say that we have sorted out our differences and are living within our means without any problems. Our relationship is stronger that ever. I was just wondering if someone could give us a bit of advice as we seem to be having a lot of problems with our IP.
On the 29th March 2007 me and my partner had both of our IVAs accepted after accruing debts of £30000 each. Myself being able to pay a lump sum equating to 25p in the pound and my partner paying a lump sum and £100 a month for 5 years equating to £36p in the pound. We were able to raise the lump sum by securing a remortgage on our property raisng our mortgage payments from £100 to £625 a month. The reason for this being that when we originally bought the property it was a 50-50 shared ownership scheme with a Housing association. The remortgage enabled us to pay off our original mortgage, buy the other half of the property leaving £11800 each to pay into our IVAs. My partner has had untold problems with her IVA. She never received any confirmation that the IVA had been accepted through the post until we prompted them and they never rang her on the day of the IVA to confirm that it had been accepted. When the chairman of the meeting rang me he said something about the IVA being accepted but a modification had been put in place regarding equity release but this would not relate to me because I doing a lump sum IVA. Is this correct?
My income has gone up by about £40 pounds since the IVA was accpeted, will this affect anything? He told me my partner's IVA had been accepted and that he would ring her at work to confirm this and the modifiactions that had been put in place at her creditors meeting. He did not ring her work(probably assuming that I would tell her about the success of her IVA) and as a result did not discuss any potential modifications that may be put in place. I assume that the equity release would apply to my partner as she has to make payments of £100 a month over five years. This has never been discussed with her for her consideration and she has never received any paperwork to sign for any modifications. Reading some of the stories I have read on here about equity release it is abit concerning particularly with interest going up as they are. Can anyone tell me where my partner stands if any equity release has never been discussed with her and she has not signed anything or given oral consent for any such clause to be included in her IVA?
Considering we only have £100 excess income i do not know if we would have agreed to such a clause if we would have been made fully aware of it as seen on our Mortgage illustration if interest go up by 1% our payments will increase by about £75 pounds a month. We are currently on a fixed rate until March 2009. By which time Interest rates could be a lot higher than what they are now.
I would first of like say how excellent this website and wish I would have known about before going for my IVA.
A little while I posted on this website to get a bit of advice because my partner could not cope with the realisation of life under an IVA i.e cutting cloth accordingly. I am pleased to say that we have sorted out our differences and are living within our means without any problems. Our relationship is stronger that ever. I was just wondering if someone could give us a bit of advice as we seem to be having a lot of problems with our IP.
On the 29th March 2007 me and my partner had both of our IVAs accepted after accruing debts of £30000 each. Myself being able to pay a lump sum equating to 25p in the pound and my partner paying a lump sum and £100 a month for 5 years equating to £36p in the pound. We were able to raise the lump sum by securing a remortgage on our property raisng our mortgage payments from £100 to £625 a month. The reason for this being that when we originally bought the property it was a 50-50 shared ownership scheme with a Housing association. The remortgage enabled us to pay off our original mortgage, buy the other half of the property leaving £11800 each to pay into our IVAs. My partner has had untold problems with her IVA. She never received any confirmation that the IVA had been accepted through the post until we prompted them and they never rang her on the day of the IVA to confirm that it had been accepted. When the chairman of the meeting rang me he said something about the IVA being accepted but a modification had been put in place regarding equity release but this would not relate to me because I doing a lump sum IVA. Is this correct?
My income has gone up by about £40 pounds since the IVA was accpeted, will this affect anything? He told me my partner's IVA had been accepted and that he would ring her at work to confirm this and the modifiactions that had been put in place at her creditors meeting. He did not ring her work(probably assuming that I would tell her about the success of her IVA) and as a result did not discuss any potential modifications that may be put in place. I assume that the equity release would apply to my partner as she has to make payments of £100 a month over five years. This has never been discussed with her for her consideration and she has never received any paperwork to sign for any modifications. Reading some of the stories I have read on here about equity release it is abit concerning particularly with interest going up as they are. Can anyone tell me where my partner stands if any equity release has never been discussed with her and she has not signed anything or given oral consent for any such clause to be included in her IVA?
Considering we only have £100 excess income i do not know if we would have agreed to such a clause if we would have been made fully aware of it as seen on our Mortgage illustration if interest go up by 1% our payments will increase by about £75 pounds a month. We are currently on a fixed rate until March 2009. By which time Interest rates could be a lot higher than what they are now.