I am now in month 54 of our joint iva. I have just received the letter asking for a valuation of our home in view of equity release.
I had it valued last week and there is indeed a lot of equity.
However my original iva was with Tenon who said an extension of 6 months would be likely as we would not be able to re mortgage due to our credit rating.
Our iva was taken over by Grant Thornton 2 years ago who are asking for 2 re mortgage refusals then a possible year extension.
As my creditors originally agreed to Tenon's version will I have to extend by another year ?
Is there any way an extension can be rejected or is this a right of passage
You will need to provide evidence of not being able to release the equity and then depending on the iva terms that were agreed for your iva then an extension is likely.
If you had six months written down by your original IP firm then I personally would be asking for evidence as to where your iva terms changed to 12 months......
However saying that the norm is a 12 month extension ....and still cheaper probably than releasing equity
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
This depends entirely on your original proposal and any modifications proposed by creditors. This should have all been explained at the time but make sure GT point out where and why any changes were made.
