Will i still be able to get an IVA?

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idd

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Post by idd » Tue Jan 15, 2008 11:10 pm
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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?
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MelanieGiles

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Post by MelanieGiles » Tue Jan 15, 2008 11:17 pm
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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
Regards, Melanie Giles, Insolvency Practitioner
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Hull_Tiger

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Post by Hull_Tiger » Wed Jan 16, 2008 9:27 pm
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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)
Last edited by Hull_Tiger on Wed Jan 16, 2008 9:29 pm, edited 1 time in total.
Shaun
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MelanieGiles

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Post by MelanieGiles » Wed Jan 16, 2008 9:31 pm
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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
Regards, Melanie Giles, Insolvency Practitioner
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Adam Davies

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Post by Adam Davies » Wed Jan 16, 2008 11:59 pm
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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
Andam Davies
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Beechy

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Post by Beechy » Thu Jan 17, 2008 12:24 am
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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
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idd

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Post by idd » Thu Jan 17, 2008 8:36 am
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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.
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MelanieGiles

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Post by MelanieGiles » Thu Jan 17, 2008 9:19 am
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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
Regards, Melanie Giles, Insolvency Practitioner
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Adam Davies

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Post by Adam Davies » Thu Jan 17, 2008 12:55 pm
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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
Andam Davies
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