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Posted: Mon Sep 10, 2012 10:37 pm
by jillyfrench
If I sell my house do IP take all equity from me ?
Posted: Mon Sep 10, 2012 10:43 pm
by Niobe
Hi and welcome.
You will be allowed to keep some back for expenses but anything else will have to be paid across to your IVA.
If you manage to pay off your IVA 100% plus fees with the equity then anything left would be yours.
Posted: Mon Sep 10, 2012 11:00 pm
by MelanieGiles
It really does depend upon the terms of your IVA Jilly. IPs have no discretion to grant concessions outside of the set terms, without the prior agreement of your creditors.
Posted: Tue Sep 11, 2012 3:17 am
by Shining
Hi Jilly and welcome to the forum, hope your questions has been answered above, do have a chat with your IP for case specific advice. x
Posted: Tue Sep 11, 2012 4:31 am
by luluj
Welcome to the forum from me too .... Advice as above...have a chat with your IP to check the terms of your iva
Posted: Tue Sep 11, 2012 6:28 am
by KAYKAY
Our IVA actually stated the amount of equity we had to release. The amount expected was written in black and white. However this did not come to fruition as we were unable to re-mortgage and our IVA was extended for a further 12 months in lieu.
Posted: Tue Sep 11, 2012 6:36 am
by David Mond
Protocol compliant IVA's include equity to be released in the 54th month of the IVA subject to certain conditions. If no equity then no need to pay anything more into the IVA. If there is equity which cannot be released or no re-mortgage possible then in the main the IVA is extended for a further 12 months.
Posted: Tue Sep 11, 2012 8:25 am
by Niobe
Kaykay - mine actually stated a figure that we had to release - we're now in the position of getting a valuation and already have the mortgage and secured loan redemption figures.
Having spoken to the company I have been told that it may not be the figure quoted in the chairmans report as the equity will have gone up.