Hello. A while since I've been on here. Just wondered if anyone could give me advice on what happens next. I've had my iva for 5 years, had to take a payment break of 6 months a few ago due to illness, so had this 6 month added on which takes me up to next February. I've just had to send my income & expenditure back even though I'm only supposedly 6 months to go. Any info on what happens when it gets to Feb will be appreciated. Thankyou.
The IVA should complete unless you have a property with equity in which case you will be expected to try and release some or extend the IVA by a year. Nearly there.
Thanks for reply. No I don't have any equity in the house... will they write requesting another 12 Months payments? no one has been in touch about asking if I've any equity.
They may have carried out the valuation online and this must be done six months before the end of the IVA. Get your own valuation if you believe there is no equity and it could save you a year's extra payments.
Thanks for your advice. I am on interest only mortgage and owe what the house is worth. So i am sure they will know this if they have done on-line valuation.
I was on interest only mortgage and only had about 5k equity. They deemed it too little to release any and my IVA ended on time without having to pay for another year
Thanks Andy.. I might have about 2, 000 equity if I'm lucky!!! Will be interesting to see what the outcome is. Will be nice to see the end of the iva but must admit it has passed really quick.
Last edited by janez on Thu Sep 29, 2016 2:53 pm, edited 1 time in total.
