12 month extension in lieu of release of equity

[mole]

Not sure Andrea. My original proposal over 60 months was rejected by NR and hence in my chairmans report I have a modifications section. In there it states that after 66 months of the 72 I will seek a valuation, etc, etc.

I would have thought than for any IVA they would always seek you to release equity as late as possible and hence 6 months before the end.

But as I have learned from this board there are alsort of tweaks and differences in peoples documentation.

[mole]

with regard to :
"Also my hubby gets lots of overtime and the odd bonus so we will be well over the minimum dividend-will this go in our favour when we get towards the equity release date? £

Unless you have cleared the entire original debt plus IP fees I dont think this will matter. It will be just based on your equity. If you have <£5k after an 85% LTV calculation your IVA will finish after 72 months. If you have >£5000 then you will need to pay another year after month 72.
Well I think although as I do not know your paper work perhaps getting your IPs office just to clearify so there are no surprises later down the line.

[andrea1968]

All mind boggling-NR asked for the same modification as you mole-extra year-end of the day they want as much money back as they can which is fair enough.Would love to know how many ivas that NR have the deciding vote on-because it was their vote that we needed!!plus they were the only company that asked for any modification.Mind it was also the 125%together mortgage that went a long way towards breaking point and where we are today!!!swings and roundabouts i guess!!

[mole]

It is frustrating when as you said all the other creditors were happy with a 5 year IVA. I have a serious dislike of NR. Don't see why there is not some standard criteria that all creditors adhere to.

However, I just need to suck it up and look at the big picture. 2015 I will be debt free after paying all the money back.

[andrea1968]

Im only 3 months down-still a baby and getting used to budgeting-actually feels good having money left at the end of the month(even a couple of quid) and spending our own cash instead of on the plastic-very satisfying!!