- Sun Jan 07, 2007 10:42 am
it doesnt look like you can outvote Northern Rock, why would you want to?
I'm not sure how this works, they have £602 disposable income and they owe approx £150K (nearly sure of figures now). 600x60 months = £36k. One quarter of 150K they owe is 37.5K+8K for IP is 45.5K, so they cant reach 25% let alone 40% that northern rock would want, thats why I would have wanted to outvote NR. They have mortgage for 60K and value of house is 120K so equity in the house of £60K(submariners post to someone else 10/12 very helpful, means they would be able to mortgage to 75% and put 21K into IVA pot, after mortgage charges.) If NR want 40%of £150K thats 60K +, I presume, they would also want the £21K equity equals 81K.
76K They oWe HSBC £5002.98
They also have a special needs child, and £230 per month payment that IVA can't take into account. IF IF IF they could save that for 60 months =£13,800. I think they would have to save it in childs name or IVA might take it? They might not have to remortgage??