IVA coming to an end???

SecretaryTypeBird

Hi, we are nearing the end of our IVA and in line with the contract agreed to get our house valued in month 54, I already knew that we wouldn't be able to as out LTV ratio is higher than 85% so figured that we would just just have it extended for another 12 months but then today this came through the post....

...In accordance with the proposal modifications, where it is demonstrated that after month 54 of the arrangement your equitable share is less that £5,000, the property is to be excluded from the arrangement without extending the existing term.

This means that your IVA will complete on 11 July 2014 and as mentioned above your property is to be excluded....

IS THIS A TYPING ERROR?!?! I'm getting a little bit too excited for my own good that the light is closer than I actually thought as mentioned before I thought it would be extended for another 12 months!!

mother_hen_2

oh wow it sounds like that's it. We had to have a valuation done on our property with a surveyor assessing as Step Change did an 'online valuation' which said it was way way above what it was actually worth, so perhaps they have already done that on yours and the figures the computer came back with was within their ratio..... fingers crossed for you...

UpToMyNeckInIt

SecretaryTypeBird wrote: »

Hi, we are nearing the end of our IVA and in line with the contract agreed to get our house valued in month 54, I already knew that we wouldn't be able to as out LTV ratio is higher than 85% so figured that we would just just have it extended for another 12 months but then today this came through the post....

...In accordance with the proposal modifications, where it is demonstrated that after month 54 of the arrangement your equitable share is less that £5,000, the property is to be excluded from the arrangement without extending the existing term.

This means that your IVA will complete on 11 July 2014 and as mentioned above your property is to be excluded....

IS THIS A TYPING ERROR?!?! I'm getting a little bit too excited for my own good that the light is closer than I actually thought as mentioned before I thought it would be extended for another 12 months!!

No, that is quite right.

You only get a 12 month extension if you were under 85%LTV, AND had in excess of £5,000 equity AND were unsuccessful in remortgaging.

In your case by the sound of it, your mortgage is already in excess of 85%, and therefore there is no requirement to attempt equity release. IVA concludes in Year 5.

Should all be in black and white in your IVA if you are still in any doubt.

Understandable confusion - with all the scaremongering at the moment over equity release though.

Congratulations by the way - only 3 months to go!!!

techno1029

I had similar situaltion...no equity after house valuation during my f&f offer...IVA finished......its a great feeling....good luck!!!

SecretaryTypeBird

Yep it has all been confirmed in a phone call this morning. To say I'm over the moon is an understatement, it just feels like a massive weight is being lifted off of my shoulders and we will finally be able to breath and live comfortably for the first time in a long time! Who knows we might even be able to afford our first family holiday EVER.






I have to say though, even though the last 5 years have been rough, really rough at times and has nearly broken my marriage with the stress I do feel like I'm a better person because of it. Yes we got ourselves into it but we realised we couldn't go on living the way we were and sorted it out.


The IP said they have 2 months after that date to pay the dividends over so we should have our completion statement in September the latest