just notified that as property is untouchable IVA prolonged for 3 years. Where do I stand legally ?

[Len.y]

Dear Sirs
The initial debt totalled £50.000 most of which was due to a debt for which my ex-wife was responsible anyway I admitted joint responsiblity and the IVA arranged was agreed, over the five year period i have paid in excess of £20.000 the arrangement was due to conclude Sept this year however recently I was notified that as any equity in my house was untouchable that the arrangement would be prolonged for another three years, i have not agreed to this as it does not comply with the original agreement, my question is can the arrangement be altered in this way without consultation and if so where do I stand legally
Thanks in anticipation
Kind Regards

[Foggy]

Hi Len. No. it cannot be altered without your agreement. Check your proposal for equity release provisions. Be sure to also check the Chairman's Report, as changes in that override the proposal document.

Who are you with ?

[Shining]

Foggy - here is the link to the reply to your question above. I have locked previous topic to avoid confusion.

http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=67036

[Foggy]

Thanks Lesley

Len. I am afraid I have no knowledge of that particular company, but my reply above stands -- do check your paperwork. They as as bound by the agreement as you are.

[lou3]

They cannot alter the arrangement without your consent - but if there was a requirement to release equity written in to your original arrangement then you are legally obliged to either release it or make extra payments in lieu. You have to agree to one or the other in order to remain compliant with your terms and conditions. If you do not then your IVA will simply fail and there is a good chance you will be worse off than before.