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Posted: Tue Jan 15, 2008 11:10 pm
by idd
Hi - no equity in my home at all. Debts are more than current house valuation. What happens here? Will i still be able to get an IVA? What about the 4 year 'equity release' requirement?
Posted: Tue Jan 15, 2008 11:17 pm
by MelanieGiles
Can you provide more information - ie how much are your unsecured debts and how much is your property valued at. The 4th year equity release requirement requires you to have your property revalued in the 4th year and raise equity based upon additional lending of 85% loan to value.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Posted: Wed Jan 16, 2008 9:27 pm
by Hull_Tiger
My IVA was approved in May 2007 and the equity release was actually a rejected modification. Does this still happen or is it included regardless now?
Shaun
£47000, 42p in pound.
The end is in sight (9 / 66)
Posted: Wed Jan 16, 2008 9:31 pm
by MelanieGiles
Current IVA protocol says it should be included as a matter of course.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Posted: Wed Jan 16, 2008 11:59 pm
by Adam Davies
Hi
Check your chairmans report to see if it has been included but if it was a rejected modification then it should not be included
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: Thu Jan 17, 2008 12:24 am
by Beechy
Just because you have no equity does not mean you cannot have an IVA.
The equity situation is well covered by Andy and Melanie.
You will need to post more details reqarding your current curcumstances for further advice.
Dave Beech
Posted: Thu Jan 17, 2008 8:36 am
by idd
Last valuation of property was £130K . Outstanding mortgage of £50k. secured loan of £50K. Unsecured debts of approx £40k. NO EQUITY AT ALL. What happens in year 4 in my situation? Thanks.
Posted: Thu Jan 17, 2008 9:19 am
by MelanieGiles
Do you have an equity release provision within your IVA?
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Posted: Thu Jan 17, 2008 12:55 pm
by Adam Davies
Hi
You have 30k equity[130k house value less mortgage 50k and secured loan 50k]so if you enter into an IVA you will be required to release some equity
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