Month 54, all documentation sent to IP as requested, so mortgage redemption statement and house valuation......... We have been waiting nearly a month and not heard anything back, anyone any idea what sort of timescales are appropriate for an IP to get back to us to tell us either way about equity release/12 month extension?
I have chased them and been told my case is in a queue!
I would be chasing fortnightly ... it needs to be addressed timely do you know where you stand and whether an extension was going to be imposed.
Keep pushing them ... fingers crossed it won't be long.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Given that this has to be obtained from month 54 I suppose in reality they have up to 5 months in which to say whether it will be extended or not.
However, in reality the fact they have a backlog is not your problem as this is an Individual arrangement subject to a legal agreement.
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.
More than 6 weeks of pestering to try and find out about the equity release thing, I cant see that there will be an extension to the IVA due to the equity(even says in the IVA agreement that it is thought that the property will be excluded due to there being no equity), but it would be nice to have have this confirmed...........
we got ours back within a couple of weeks, saying we had equity and had to pay an extra year. So we had our house independently valued, emailed the IP the figures as soon as the estate agent gave us the new quote, and we got a reply back that same day to say there was in fact no equity!
getting there ....
Got there!!
IVA started 27/10/2010
final payment 27/10/2015
CC received 6/5/16
Off the register 5/8/16
Send a letter, by recorded delivery, along the lines that, if you do not hear within 14 days, you will assume that there is to be no need to attempt equity release, nor will there be any extension, as anticipated when the agreement was drawn up.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Totally made up, but its only what was stated in our agreement, its just nice to see it in black and white.........it did take more than 6 weeks though after submitting the mortgage redemption and house valuation
Great news on that - hope you get the arrears sorted out quickly.
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