I have been in my IVA for4 years and 10 months so I'm in month 58. Unfortunately I got made redundant in August month 54 but had a waiver of contributions policy to cover my IVA payments. I was put on Job Seekers allowance but then in October I became ill and had to have an operation making me unfit for work so am now on ESA benefit. All my payments are up to date, but I thought by now I should have gone for valuation on my house as its month 58. Ive heard nothing from my IVA compa ny in the last 10 months, Ive been sort of passed to their solicitors who are dealing with the waiver of contributions for the monthly payment to my IVA and they have said the payments are covered. So with two months to go, Im signed off sick till the end of January when I have to have another operation which will sign me off for a further 3 months but my IVA is due to finish in February 2016. So I was thinking they haven't asked me to go for valuation as I am on benefits and struggling to survive and no bank or building society will give me a mortgage or loan without an income to cover it. So Im getting a bit worried about what they may do in possibly taking my house or failing the IVA, but all my payments and bills are up to date however I am 1 month in arrears with my mortgage. Can anybody give me a bit of advice. Many Thanks
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I would think that the IVA should be closed down based on payments to date and creditors are normally sympathetic to such an offer. The only thing may be that the insurance cover might be payable for the duration of any extension in lieu of equity which would mean keeping the case open.
I am only guessing as we do not sell any of these type of policies so the only proper answer will come from your IP or their solicitors.
Hi Simon - sorry to hear you have been ill. It could be that they have done an online valuation and already satisfied themselves that you have no equity above the minimum so it is academic, or they have tied this in with a variation to accept payments to date in F&F as Michael says.
