hi
i only have 5 payments left on my iva,but i have to release £23000 in the last year.
my house was valued at £156.000 but now is only valued at £126.000.
my morgage is £72.000 and my second charge is £50.000 only leaving £4000.
will i still have to pay £23000 or only £4000
my ip as not been in touch to discuss this do i just wait until the iva is complete,your advice would be appriciated.
thanks
Sometimes I believe you can pay for an extra 12 months instead of releasing the equity. However in your case this may amount to a similar amount depending on what payments you make. I am sure one of the experts will advise.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
You do need to contact your IP for advice on this point. They may need to call a meeting of creditors to decide what to do, and an extra year's payments may be a solution.
densbar - what does it actually say in your proposal? As you entered into one before Feb 2008 (Protocol start) trhere might be specific conditions attached to yours - or you may only have to pay in the £4,000 by way of monthly installments for example. Let us know and speak to your IP and let us know what he/she says. Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
