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Posted: Tue Aug 28, 2007 9:17 am
by alanta
On our documentation we have a definite 12.000 needed at the end of year 3 ,so remortgaging our home will be needed.
The question I have as the house value has increased will they want more.?
We are 79 and 68 years old
Thankyou.
Alanta
Posted: Tue Aug 28, 2007 9:20 am
by MelanieGiles
Hi Alanta
If the proposal limited the equity figure to £12,000, then you will not have to pay over any more.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
Posted: Tue Aug 28, 2007 9:49 am
by iva_squirrel
Hi alanta,
If your proposal says that the definite figure is 12000 then you wont have to pay any more.
Regards,
Michelle P.
Posted: Tue Aug 28, 2007 9:53 am
by Oliver
It will all depend on if the terms and conditions stipulate a specific £12,000 release or if they outline that there will be a revalue before the release.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp
Posted: Tue Aug 28, 2007 10:21 am
by iva experts
Hi Atlanta,
Im suprised that your proposal states an exact amount of equity release, but if this is stated at £12,000 then you should not have to pay anymore than this.
Best Regards. IVA Experts
Posted: Tue Aug 28, 2007 10:33 am
by Lisa2009
I thought my £15000 was definate till i kept reading and its only estimated.
Posted: Tue Aug 28, 2007 10:36 am
by MelanieGiles
If you can post the exact wording of this provision in your IVA on the forum, we can help further.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
Posted: Tue Aug 28, 2007 1:05 pm
by Adam Davies
Hi alanta
Are you in a Scottish trust deed ?
Regards
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Posted: Wed Aug 29, 2007 6:17 pm
by alanta
For Andydavie.
No Im not in a Scottish Trust.I presume because of our ages we were told it was for only Three years and to release 12,000 at the end of year three.Our Insolvency Practioners are in Sheffield.
Thanks.
Alanta.
Posted: Thu Aug 30, 2007 11:27 am
by Adam Davies
Hi
Are you sure that you will be able to remortage in the third year ? It sounds like the 12k is a definitive figure and that you will not have to raise anymore.
Regards
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp