is there a time scale of when IVA needs resolving

[richard.m]

I finished my IVA term of 60 monthly payments in October 2004, how long can this go on for until i am dis-charged, I am told that my IP has been in negotiations all this time with my creditors as there is the question of my home (equity)which was written into the oruginal agreement. Is there not some sort of statute of limitation, time scale as to when the IVA needs to be resolved, thank you

[Adam Davies]

Hi
That sems a very strange situation and not one that I,ve come accross before on this forum.
Can you say why its taken so long ?


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[richard.m]

Andy, thanks for replying, my IP tells me that because of the equity clause written into the original IVA they have had to tread softly and negotiate a settlement now in the region of £10k, all this after completing 60 monthly payments in October 2004, I feel like I have been taken for a ride...richard.m

[Adam Davies]

Well having an equity clause written into an IVA is standard procedure and I cannot understand why it has taken them so long.
So have they asked you to remortgage for the extra 10k now ?
It will be interesting to see what Melanie makes of your case once she returns but from my perspective it seems that you,ve been taken for a VERY long ride.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[richard.m]

Andy, although they have not asked me to re-mortgage the suggestion is there, it seems they do not care where the money comes from, bit of a vicious circle really after all this time. Originally another member of the company I am dealing with told me in a meeting to discuss this IVA in January 2005 that I had been treated harshly and having completed my 5 years of re-payment he thought it may be possible to get away with a final payment of about £3.5k it then went quiet for over 1 year until they contacted me again, still never mind back into debt again...Richard.M

[Adam Davies]

Hi Richard
You need to chase them and get a sensible respose from them,it just doesn,t sound right.
Are you back in debt again ?
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[richard.m]

Debt again, well yes as with the help of my wife we will need to borrow the required funds of approx.£10k, thanks for your support and interest in my problem, its good to talk...Richard.M