Equity release

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NicoleLouise

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Post by NicoleLouise » Wed Dec 17, 2008 7:01 pm
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If you cannot raise any equity from your property near the end of your iva, what happens? Do you have to carry on paying your creditors for an exta year?
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Lisa2009

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Post by Lisa2009 » Wed Dec 17, 2008 7:03 pm
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It would depend on the exact wording in your original proposal. Some say the IVA will end and some say ongoing payments can be made.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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kallis3

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Post by kallis3 » Wed Dec 17, 2008 7:08 pm
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The newer IVA's mostly add the extra 12 months on. Ours does.
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
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MelanieGiles

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Post by MelanieGiles » Wed Dec 17, 2008 10:05 pm
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As the other posters have already explained, the answer to this lies in your IVA proposal - together with any creditor modifications which you agreed to accept on the day of the meeting. It might be better to give your IP a ring and get them to reconfirm the exact position on this point for you, as they will have detailed knowledge of your case.
Regards, Melanie Giles, Insolvency Practitioner
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c.j

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Post by c.j » Wed Dec 17, 2008 10:39 pm
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My IVA states that if there is no equity then it will go on for another 12 months and that was approved in June this year.
Iva finished !
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