Hi we are now in our 54 month and we are in the process of remortgaging but we are unable to. I was told that if we can't remortgage we can extend by 12 months. When we first set up the Iva in 2011 our house was worth 165,000 but due to Regeneration In our area and our house has been valued at 330,000. We currently owe £109,000. I was really surprised and I know prices have gone up but I am concerned with the high amount of equity they could refuse the extension
That could be interpreted to mean full an d final or secured loan.
It's the latter you need to look out for.
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.
· A third party sum equivalent to 85% of my interest in the property, or
· 12 additional monthly contributions (with the aggregate sum paid to the supervisor being limited to 85% of my interest in the property).
Third party sum is interpreted as either a gift from a friend or family member or a secured loan -- in either case, though adding time, the 12 month extension will be far cheaper ! A secured loan for that sort of amount would mean impossible repayments and should not even be considered.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Jayson - give your IP the evidence they need to satisfy themselves that you cannot remortgage. On the assumption you do not have a 3rd party willing to gift you a lump sum equal to the remaining payments then the 12 month extension will apply instead.
If your IVA completes successfully you get to keep your house and all the equity.
I spoke with pay plan and they told me they would not ask me to take out a secured loan as it would be unfair. They said they would be looking to extend for 12 months
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
Hmmmm it's not a case of whether its fair or not - its whether it was part of your IVA terms and conditions, which I suspect given how long ago you started, it was not.