extra payments

[nutty55]

Hi
I wish I had known about this site years ago it would of been nice to talk to people in the same boat.I wonder if anyone can help me . We have completed the full 5 year term of the IVA .
In the first 3 years of the IVA we had regular contact with the Insolvency practitioner .Sending wage slips etc to him .For the past 2 years we have had no contact what so ever . The IVA should of finished in May but we have carried on making 2 more monthly payments . I know I should get in touch with my IP but I am scared he will make us remortgage the house to release equity ( always been one to bury my head in the sand with debts ) .If I carry on making the payments for a further year will this finally clear all debts .

[Julie]

Hi Nutty55 - well done on completing 5 years!

Who's your IP? Strange they haven't been in touch - one of the experts will give you advice soon.

[Adam Davies]

Hi
Was there a clause in your original chairmans report to release equity in the final year ??
Regards

[nutty55]

thanks julie .
Can I name the IP company on this site.

[nutty55]

Thanks for getting back Andy .Yes Andy there was a clause but the person who did the IVA for me said that it might be possible to pay an extra years payments .

[Adam Davies]

Hi
I think that is only the case if you are unable to remortgage.
I know how you feel but really you must contact your IP NOW and clarify what is happening.Really your IP should have asked you to try and remortgage during year four.
Let us know how you get on
Regards

[nutty55]

I know that's the best advice Andy but if I did keep quiet and just paid another year off would this free me from all obligations .I also don't want to complain against someone who has helped me get back on my feet . But I do feel the IP has not been very helpful and as I stated 2 years without any contact does not seem like he's earning his fee.

[Viki.W]

Hey Nutty55, welcome to the forum. That seems very strange, were you having annual reviews in the first three years and then none? Who is your IVA company? X

[abc]

If you are not careful and perhaps no fault of your own, but unless your IP obtains a variation your IVA may fail simply for coming to the end of the term and your property has not been dealt with. As Andy said contact your IP NOW.

[Adam Davies]

Hi Nutty
Please do take this advice
Regards

[MelanieGiles]

The most likely option is that you will not be able to re-mortgage and your IP may well have to call a variation meeting. I can see from you bio and a search of the Insolvency Register which company you are with and, whilst I do not know the individual IP, the firm are pretty well known and ought to be taking steps to deal with this. As the other posters have stated - you must contact them to determine their strategy with regard to your case as a priority.

[nutty55]

Can I just thank everyone for there expert advise I will be getting in touch with the IP.My partner and I are just worried that we might be forced to sell the house to release the equity and we feel it might be impossible to get back on the property ladder again . Will this be a likely outcome if we are unable to remortgage .thank you neil

[Soulgrowth]

Hi Nutty

I can understand your concerns, sometimes the not knowing though is more stressful than the knowing [:)]Like Melanie says it is highly likey that in the current financial climate you will be unable to re-mortgage anyway and so you may well be able to offer the final year's payment ... thus to some extent the current situation will work for you.

Well done on getting so far by the way ... always good to hear a success story! do let us know how you get on.

Debbie

[Adam Davies]

Hi
If you can't remortgage then your IP will conclude your IVA or extend it to 72 months
Regards