My IVA states that there will be equity release of 18k. That wont happen in this climate. On further reading it also states that the agreement shall last no longer than 72 months.
Does that mean even if the equity cannot be released then the life span remains as 72 months as the paperwork reads??
Only your IP can answer this with certainty as it may be that a variation is needed to exclude the equity or an additional 12 months in lieu of equity has already been built into your proposal in case you cannot remortgage. A quick chat tomorrow should clear this up for you.
It is not shocking at all! An IVA is an agreement between debtor and creditors to repay their debts over a set period of time. In my case it suited those parties to run it over a longer period.
I often see people who have taken unsecured loans out over long periods of time - why is an IVA duration any different when you are asking creditors to write off sums rightfully due to them?
Quite agree Mel - I treat mine as a loan repayment. It's certainly not going to take me as long as the one to Halifax would have done, which was over seven years.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Broke of London wrote:
Definitely...there will be a lot of disappointed iva-ers when it becomes possible to remortgage again!! I think it the psychology of it that's hard work.
I'll be a lot more disappointed if I actually can remortgage [:)]
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I knew from the outset that we have a 72 month iva with a view to equity release which in all probability will make my iva conclude at 84 months.We have no equity at the moment and i cannot expect my ip to look into a crystal ball and tell me what my house will be worth in 6 years time!!or if we can re-mortgage.
It does get frustrating when posters dont read their contracts correctly before signing or question the terms and conditions.
I am no rocket scientist but do understand what I signed up for-anything i didnt understand i asked(lots of times).
We are all more secure in our finances knowing we are not making minimum payments on loans and credit cards and have a date-give a year or so - when we will be debt free.
To those in iva who doubt that this is a more secure route to becoming debt - free
try sitting down and working out what you would have paid on loans credit cards etc on minimum payments(if you can work out the interest and charges)
in the words of Rolf Harris-have you guessed what it is yet!!!!!
Last edited by andrea1968 on Fri Jan 07, 2011 5:35 pm, edited 1 time in total.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
Please don't ask me to think about not being in an iva ***shudder and grimace and nearly faint with fear***. This was the only way I could even think about a future for myself. I wasn't event covering the minimum payments so every month I paid £1000+ to cards and loans and my debt was still growing thru interest and charges!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Broke of London wrote:
Please don't ask me to think about not being in an iva ***shudder and grimace and nearly faint with fear***. This was the only way I could even think about a future for myself. I wasn't event covering the minimum payments so every month I paid £1000+ to cards and loans and my debt was still growing thru interest and charges!!
That was me, 10 or 11 payments to go and that should be me complete, 5 years, honestly, looking back only seems like yesterday I was scared of losing everything.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
We are the lucky ones. Tho two days before payday with 10p to my name I may be singing a different tune! But that 10p is a hell of a lot more than I used to have any day of the month!
our dmp would have lasted 20+ years as in 7 months not one creditor froze interest and charges.Maybe if they were more sympathetic ivas wouldnt be so popular!!!
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
hi,i couldn't understand why my hubby kept paying for food on his plastic(telling me he'd pay it off later saying he didn't have enough cash on him at the time[V])
the reason was,he had no money for food &fuel,he couldn't make all the min. payments. i didn't even have money in my purse to buy a loaf. since we've spoken to Tina i have had food money every week in my hand!!(i'm doing the budgeting with hubbys help now)&i'm doing very well with it[:)].this months emergency fund is going towards excess on insurance for my son's uni house robbery[:(].but,if this had been last year there'd be no emergency fund!
Nothing stays the same...everything changes..hang on in there!
