IP states that 85% LTV clause does not apply to the de-minimis clause ?

[AlmostThere30]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles

Thanks Karen

The spirit of the IVA protocol means that if the sum to be raised from the potential re-mortgage - subject to you not borrowing more than 85% of the value of your property, then it is deminimis and there is then no need to raise any money or extend the term of the IVA.

Please get your IP to confirm that this is how they interpret the ruling. If they do not, then you may need to take this matter further.

I have little faith in HB Melanie. They've already messed up with payments (their system was showing our monthly contribution was lower than it should be (for almost 4 yrs) & so they advised we miss a payment (have email confirmation for when they realise they've ballsed up)

I really don't know what I need to be saying/asking to get the right result. If I'm due another year, I accept that, but not because I don't understand the terminology.
Karen.

[Leese]

Hi Karen, Melanie has more or less done it for you. Send an email to your IP saying...

Dear xxx

My understanding is the IVA protocol means that if the sum to be raised from the potential re-mortgage - subject to you not borrowing more than 85% of the value of your property, then it is deminimis and there is then no need to raise any money or extend the term of the IVA.

Please can you confirm that this is how you interpret the ruling.

Yours

[AlmostThere30]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Leese

Hi Karen, Melanie has more or less done it for you. Send an email to your IP saying...

Dear xxx

My understanding is the IVA protocol means that if the sum to be raised from the potential re-mortgage - subject to you not borrowing more than 85% of the value of your property, then it is deminimis and there is then no need to raise any money or extend the term of the IVA.

Please can you confirm that this is how you interpret the ruling.

Yours

Thank you Leese. I'll email them today.

[darth_ivader]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by AlmostThere30

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Leese

Hi Karen, Melanie has more or less done it for you. Send an email to your IP saying...

Dear xxx

My understanding is the IVA protocol means that if the sum to be raised from the potential re-mortgage - subject to you not borrowing more than 85% of the value of your property, then it is deminimis and there is then no need to raise any money or extend the term of the IVA.

Please can you confirm that this is how you interpret the ruling.

Yours

Thank you Leese. I'll email them today.

This is exactly what I did and it worked for me, especially as the spirit of the equity and de minimis clauses have been altered in subsequent newer versions of the protocol (2010 etc.)

[villapb]

Thanks Melanie thats a great email to send

[MelanieGiles]

Hope it brings the much needed clarification from the IP firm concerned.

[AlmostThere30]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles

Hope it brings the much needed clarification from the IP firm concerned.

No response as of yet. Will have our valuation tomorrow & then take it from there.
Thanks for your help so far Melanie, really appreciate it.

[MelanieGiles]

My pleasure - and I do hope that you get the clarification you desire at the earliest opportunity.

[AlmostThere30]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles

My pleasure - and I do hope that you get the clarification you desire at the earliest opportunity.

House valued & we have no equity (literally none). I'm in shock, is this really the end?? Will we be debt free come August??
Karen

[villapb]

Karen yeap when they see value its over well done

[Latitudee6400]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by AlmostThere30

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles

My pleasure - and I do hope that you get the clarification you desire at the earliest opportunity.

House valued & we have no equity (literally none). I'm in shock, is this really the end?? Will we be debt free come August??
Karen

Great news! [:)]

[Foggy]

A word of caution: "It ain't over until the fat lady sings".

As we all know arrangements differ and even the same arrangements can be acted upon in different ways by different firms. So, although the outlook seems good, wait until your own IP confirms the situation, preferably in writing.

[AlmostThere30]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy

A word of caution: "It ain't over until the fat lady sings".

As we all know arrangements differ and even the same arrangements can be acted upon in different ways by different firms. So, although the outlook seems good, wait until your own IP confirms the situation, preferably in writing.

Thanks everyone.

Foggy - not celebrating till I have it in writing just in case!
Karen.

[Struzzo39]

Fingers crossed