My 48th and final IVA payment is Oct 2013, my IP is saying that I have to get a redemeption statement and two valuations on my house. Can I be forced into getting a remortgage as I thought once the IVA was finished that was it?
I was originally told that I would be paying back 100p in the £ and that it would be paid off before the a remortgae came into effect in the final year. I thought that i would soon have some spare cash, thats not going to happen if I have to remortgage.
If you are paying back 100p in the pound plus fees then you should not have to try and remortgage, however, you are unlikely to be able to do so anyway.
Check what it says on your paperwork and then query this with your IP.
you need to check your paperwork it will detail what you have to do regarding a remortgage and what you signed you agreed to.
Your annual reports should explain if you are on track to meet your dividend, if you can repay 100p in the £ plus fees then the IVA will end and you won't have to remortgage. Can I ask though you say your final payment is the 48th one, are you sure this is correct as I was under the impression that all IVA's were 60 months?
I would discuss this with your IP. It does seem a little odd the way you've explained it. You would never be expected to repay more than you originally owed plus fees and possibly interest.
Hi! Agree this is a bit confusing as if you are going to repay 100p/£ from your 48 repayments then there is no need to release equity unless you have statutory interest to address.
