IVA extension

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Oldhack

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Post by Oldhack » Wed Nov 11, 2015 10:01 pm
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Is it usual for an IVA to last seven years? Discovered today because I can't remortgage, administrator is extending agreement for another 12 months. (It was due to conclude June 2016).
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Shining

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Post by Shining » Wed Nov 11, 2015 10:25 pm
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Hi, there yes it can be written in the proposal re equity release that it can be 12 more monthly payments in lieu of equity.

I would check your proposal thoroughly.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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lifenoteasy

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Post by lifenoteasy » Mon Nov 16, 2015 4:19 pm
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Depends on wording, whether nram involved as well.

However extension should be in basis that cannot release equity that is over £5k.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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