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Posted: Mon Jan 07, 2008 1:02 pm
by moose
Have had an IVA since July and have at the start of the 4th year the clause where we have to get a quote to pay the equity in our house in to the IVA ,there after my monthly contributions will be reassessed and should cease.This finishes the IVA? Currently paying in £1254 a month.
Although glad that i am free of debt worry, reading through posts on here i had been hoping that we could get out of the IVA at the end of year 3,i doubt this is the case.
My question is everyone is going to keep me in this agreement to get the most out of me(which is fair enough?).
Also on the day my IVA was agreed the monthly amount that the IP had put forward that i would pay went up by £200.
There is a part of me (about £200) that wishes we had gone bankrupt.
Happy New Year
Moose
Posted: Mon Jan 07, 2008 3:13 pm
by Adam Davies
Hi
Yes your IVA will normally cease when you have paid over the equity or your monthly IVA payments will reduce by the amount that your mortgage has increased.
Be aware that if you have equity you would lose your house,if you opted for bankruptcy,unless you or a third party could buy out your equity interest.
Regards
Andy Davie
IVA.co.uk Spokesperson and Website Manager
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: Mon Jan 07, 2008 4:37 pm
by northumbrian69
I would have thought that 'equity release in the 4th year' would mean sometime during the 12 months between the end of year 3 and the end of year 4.
Therefore is 'moose' not correct in saying the IVA could finish at the end of year 3 [?]
I'm sure one of the forum experts can clarify what 'during the 4th year' actually means, is there a hard and fast rule or is it up to the IP or the creditors to decide when the clause kicks in [?][?]
This appears to be a real grey area [?][?]
Posted: Mon Jan 07, 2008 5:02 pm
by Adam Davies
Hi
I agree
Andy Davie
IVA.co.uk Spokesperson and Website Manager
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: Mon Jan 07, 2008 5:18 pm
by moose
Guys i am going to dig out my Chairman's Report and see what it says and post it later.What i would say is despite my contempt for the forces of capital(they have a responsibility about how i/we take on too much debt)being in an IVA and the steps i/we take in the process of getting one is about taking control again of your life.I now can see a better future for my family.
Regards
Moose
Posted: Mon Jan 07, 2008 5:34 pm
by Beechy
Our proposals are quite clear, we state at the end of the 4th year equity will be released at the earliest oppertunity.
As mods have been introduced recently with some lenders are putting forward stating after the 54th payment
Dave Beech