Thank you Michael. So would you say that they have definitely decided no further action, and do not need my figures in writing. I would not want a nasty surprise in 6 months.

Hi,just entered last 6 months of iva. I rang company to see where to send mortgage, secured loan, and house valuation details to. They said no need to Select have done a valuation and due to the 85%LTV there will be no further action needed, and iva will close July 1st.Would this be correct? I did v...

That's great news and well done. Can i ask what arguments/rationale did you use because i seem to be in a similar situation to you.

Hi i have a 6 year iva took out in 2008. Within the equity part it states about the 85% LTV bit, and then states that if the equity is £5000 (GROSS)or less then it is disregarded.I have recently signed the 2014 protocol and this has been agreed by the creditors. The New protocol states £5000 (NET)...

Robertd664, if you have no equity, what reason have they given to extend. Also if they have recently done a review of equity, did you not have to give a valuation of your house plus remaining mortgage.

Also in 6 year iva, and just prior to original meeting i was told over the phone that one creditor wanted 6 not 5 years due to no equity at the end.Agreed to this, but it wasn't fully explained.

Hi i have a 6 year iva took out in 2008. Within the equity part it states about the 85% LTV bit, and then states that if the equity is £5000 (GROSS)or less then it is disregarded.I have recently signed the 2014 protocol and this has been agreed by the creditors. The New protocol states £5000 (NET)or...

If its the new 2014 protocol you have agreed to then it has the 85% LTV, and £5000 de-minus rule regards equity. I would check the value of your home and check what you owe on mortgage and any secured loan. Then what ever the figure is half it and that is your equity. If this is less than £5000 then...

Is the just under 10000 re-mortgage just your share of equity or both of yours.If its both then you may fall under the 5000 rule.

Thanks Michael, so would the secured loan part only really come in to play if you had a large amount of equity at the end.

Thanks Mole,that's reassuring as i signed the new protocol before finding the forum. I was worrying with 11 months to go.

Hi regarding the new 2014 protocol and equity release, does the 85% LTV still count, with the secured loan part. I mean if you were to re-mortgage it would be 85% LTV so would the secured loan part be the same. It couldn't be a higher LTV could it?

Can you get car finance whilst in an iva? Mine badly needs replacing.

I agree its individual, but does that mean that say i could afford to pay 500 a month but you could afford 600 a month. Should you pay for an extra year just because of one creditor, or should we both pay for the same amount of time. Just a thought.

Is it time for a set number of years for an iva, whether it is 5 or 6. This way people know when they are looking at the option of an iva they know how long it will last. Seems unfair that people with the same amount of debt have to pay a year longer.