My husband and I have a joint IVA. We are in year 4 and we have a 4th year equity clause. Due to the drop in house prices we do not have the required amount of equity and so cannot release any.We were also in arrears (with the consent of our IP) and were expecting to add 3 months onto the end of our IVA. Imagine our surprise when a variation document dropped through the letter box requesting our signature so that an additional 12 months could be added "to compensate for the lack of equity". We read through our original documentation and could find nothing which stated this would be imposed if there was no equity and so we took it up with our IP and received a letter of apology stating we were quite right and we would finish our IVA in December 2010 (should be Sept but have the 3 months added for the arrears).
Just goes to show that you should read everything you get VERY carefully! And don't be afraid to confront your IP if you think they are wrong.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Absolutely - always read and protest if necessary. Good outcome for you.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
