At 85% loan to value you would raise nearly £10k so I would expect your IVA to be extended by the full 12 months raising £3762. The IVA should then end.
According to my records my last payment is 28,10,14 I have not heard from gt am I right in thinking there is no 12 mouths added on or would they have been in contact with me by now, call them tomorrow
Just as an aside.
If the OP's proposal states £0.00 equity due to be released , why is this now being demanded ? I imagine that this is a protocol compliant proposal , hence the equity release clause.
My proposal states £3,000 to be released from equity in month 54 but with house prices on the up and mortgage capital down, are they likely to demand more or do they stick to what is in the proposal ?
Hi ,last payment done ,still waiting for news on equity , sent morgage papers to gt in April still not heard anything, should they give you advanced notice if you have to do 12 more mouths or can they just surprise you ?
They should give you advance notice, this is why the equity valuations are done 6 months prior to the end of the IVA. However, they can still surprise you, as the IVA will not close with an outstanding issue.
Do not wait to hear from them -- if you want this sorted sooner rather than later you need to get hold of them -- it is your IVA, not theirs !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
