My IVA is due to expire in August 2016 having extended by a year already - I now understand that if no equity in property (which has two mortgages on, so I am guessing it will not) then will have to continue IVA for further 12 months - do you think a full and final offer may be accepted if proposed, my mother-in-law has offered to give this money to pay off the IVA - we currently pay £375 a month so what would you suggest a full and final offer to be?
Why is it going to be extended again? What was the first extension for?
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.
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the first extension was due to the payments being reduced following a separation - I hadnt appreciated that they would extend again. Just when I thought we were heading to the finish line!!!
Right - I wondered if it was to do with equity. Normally a full and final would be the amount of the remaining payments but you can always go in a bit lower. You will need to make sure that your IP is aware that this money is only available for the full and final.
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
Don't forget Sally that it would be extended only if you HAD equity in your property over a certain limit and could not remortgage.
If you have NO equity in the property or it is only a low amount then you will not need to extend, the extension is in lieu of any equity you have but cannot release.
If that is the case you only have a few payments left so I would just carry on with the last 5 or so payments left.
Last edited by FormerlyST1100 on Thu Apr 21, 2016 1:33 pm, edited 1 time in total.
Which company are you with? Might be an idea just to speak to them to find out what is happening.
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
Definitely give them a ring to see what is happening.
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
What I dont quite understand is they say the review will be carried out within the last 6 months of the arrangement - well in my opinion if the last payment is due in August then the review should have started to commence now would that be correct? Even if they do end up extending for another year??
They will always do a review at the end just to make sure that all monies due to be paid across have been made. Most companies do it.
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
Hi Sally - you say you have no equity in which case the 12 month extension should not apply to you.
Once you have paid your final payment they will then do a review of the final year to ensure no overtime/bonuses etc were received that need to be accounted for.
If this is definitely your final payment no further payments should be necessary unless you are due to pay over bonuses/overtime etc (which will come out in the wash after they have done the review).
In the perfect world you would just speak to your IP and get their confirmation on this so you can cancel any direct debit.