final payment

[orchid5]

Hi all, am a long way from this having just paid my 12th one,i have just read the info about discharging the IVA. So am i right in saying that your creditors are approached once again and if they object you can then be asked to pay a further year, even if the agreement at the outset of the IVA was over a 5 year term! Or have i misread that completely, i am considering doing the 4th year bit but to be honest with the present financial climate and house prices i don't see this as an option in all honesty but who knows what will happen in 3 years time, i might have won the lottery lol! One can hope!

[Wizzard]

Hi Orchid

I'll bung this one back to the top and hope one of our many experts pick up on it. I'd be interested in the answer too.

[MelanieGiles]

I assume that your point relates to the raising of equity in either the fourth or final year? You will need to look to the terms of your specific proposal for the answer - or discuss this with your IP. A lot of proposals these days will require a creditors meeting to be called in the event that equity cannot be raised - and this could therefore ultimately result in you being asked to pay additional contributions in lieu of the equity.

[orchid5]

many thanks Melanie and Ray, i didn't expect either of you to be working today, but well i will approach that one when the time is ready i think, phew so many questions, so many mines to avoid.

[kallis3]

Hi Orchid,

My 4th year equity release clause states that if I can't remortgage, my IVA will continue for 12 months. It doesn't state anything about a creditors meeting, so I presume mine will just carry on.

As Melanie says, you need to check your chairmans report.

[orchid5]

Hi Kallis, yes i think i have the same arrangement as you it was reading the info over on the right that made me think, but then again i probably read it incorrectly, nothing new there for me hmmmmm. I have another 3 years to go before that happens so i will face that when it arrives for now i have peace of mind for another year.

12 down, 48 to go.

[kallis3]

That's the way to look at it orchid. Cross those bridges when we get to them.

[kah]

My agreement says I will pay £150 if I don't have any equity - an that I hope will be that. The end of my IVA coincies with retirement - so no hope of carrying on paying (and no chance of a financial catchup either!)