Hi i was wondering if someone can give us advise please,we have recently put in our paperwork for our equity release, we recieved a letter from our IVA company today telling us because we cant remortgage we have to add another year to our iva.When we first applied for an iva we had a modification put on it which was the iva would run for 6 years which i thought was the maximum it could run for,also in our chairmans report it states thats a maximum of twelve monthly contributions beyond the 60 month term at the same level as paid in the fifth year of the arrangement, So would this mean it cant go over 72 months.Any help in this matter would be great.
Sorry -- I read that differently. The proposal was to run for 5 years, and this was modified to 6 years by the creditors. However, this would refer to the BASE term, which can still be modified by whatever clauses are within the proposal, to give effect to this, i.e the equity release terms. So, it could be extended to 7 years !!
Of course, all the above depends upon the actual wording of the whole proposal.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If the contributions are being paid over 72 months, and there is a need to extend to deal with equity release, then Foggy is correct - however the devil as always is in the detail of the proposals - so better to check with your IP than have us all playing guessing games.
