HI I have completed my 60 months and have a final payment to make of £12K. This should have been paid by remortgaging. I am unable to do this due to current climate, circumstance. I am bit confused cos I have read many posts that say I could poss continue my payments for a further year but I am unsure if the paymens would stay at £249 which is what I paid for the 60 months or does the £12k get divided up by 12 making 12 payments of a £1k. Can anyone tell me how it would work please
Hi, If you are unable to remortgage your property and are allowed to continue the IVA for a further 12 months, my understanding is that it is at the same amount you have been paying ie £249 per month. It depends on your individual arrangement but I am sure someone will clarify further for you.
Hi. If there is an option to extend in your proposal then it will be at the same monthly rate as your last payment. However, older proposals had vastly differing equity arrangements and it might be that your IP has to go to the creditors for a variation to bring your proposal into line with modern practice.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
we had the re mortgage clause in our contract but due to the current climate could not do this. Our IP arranged a 12 month variation to compensate and we continued paying at the original rate we started on. having said that, this was all sorted out long before the 60 months was up.
