www.iva.co.uk

Hi there, new to this site, must say it seems very good, my question is in regard to the 4th year equity clause that is talked about quite alot, my IVA has been running for the last 14 months, in my proposal there is no mention of this clause, my agreement says that i will pay an addittional 12 monthly payments to address any future level of equity at the end of the normal 60 months term, so will i have to worry myself about the 4th year equity that alot of people talk about.

Many Thanks

As you will be required to pay an additional 12 months into your IVA, the equity clause should not affect you.

mrs skint

It will definately not affect you, but of course you are bound to pay over six and not five years in lieu of this issue.

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

I agree with the above comments i would suspect that your property is excluded if that is what your proposal says.

However who voted at your creditors meeting ? you need to check your Chairmans report to make sure no modifications were proposed to re-mortgage in the final year.

I would suggest the fact that your IP has proposed this then you have or had very little equity in the property at the time so even if creditors did put forward a modification for this then you may still not have to re-mortgage as they would never expect you to realise more than 85% LTV on your property and if the 'Experts' predictions are right property prices are going down not up.

Have a look at Modifications and if in doubt check with your IP

Which company was it ?

Hi all, thanks for your prompt reply's, really usefull to hear your comments, my next question is to Skint and Melanie why are you posting replys at 11.30pm on a friday night??, glad you did though.

Thanks

pignbroke

Glad to help even at 11.30 on a Friday evening!