Im in my 5th year of my IVA as over the phone I agreed with paying an extra year instead of releasing equity from my mortgage. I have been sent a letter to ask me to send in mortgage redemption figures and a house valuation. When I phoned to check this I was told that I had signed the paper work to agree to this when the IVA was finalised. When I re checked the paper work she was wright. I had missed this when signing as I know this was not what was discuses on the phone. As I would never have agreed to an extra year and re mortgaging. At the time I was desperate to get the IVA in place and did not read everything thoroughly.But I am sure what was explained to me on the phone. What can I do now.Also if I release what little money is in the mortgage it will put me right back to square one .
Don't panic,Samantha. They will only consider 85% of the total value of your house. The value of the house from your local estate should be of Quick sale quotation.And if the equity is less than £5000, they wont extend your IVA.
the above advice is, of course, dependent upon what your actual proposal states regarding equity release, The devil is, as always, in the detail.
I suggest you get a cup of tea, sit down with your paperwork and have a good read. Your IP and creditors are as bound by this agreement as you are, and cannot act outside of the agreement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
