What happens at the end of year 5

Get expert opinion. This is the place for new questions to be posted.
8 posts Page 1 of 1
 
 

Wolfie

User avatar
Posts: 8
Joined: Thu Jun 19, 2014 6:19 pm
Location:

Post by Wolfie » Fri Jul 11, 2014 5:21 pm
We have about 14 months left in our IVA and wondered what will happen. I asked my IP what we have left to pay and they have advised us an amount I can not remember but it is roughly £8900.

Once this figure has been paid by the end of the IVA, is that it or can they request an extension of a year or release any equity from our home to increase the contribution? They also advised that I could make a full and final offer if I wanted, but that option is not available to me unless I fall in to a vat of money.

It has been tough and can not wait for it to all end.
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Fri Jul 11, 2014 5:35 pm
The equity release will be looked at 6 months before the predicted end of your IVA. Depending upon the exact clause you have in your arrangement the amount will be assessed and, if deemed sufficient you will need to attempt to remortgage. Generally, but not in all cases, a 12 month extension is taken on in lieu of equity if a remortgage is refused.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Wolfie

User avatar
Posts: 8
Joined: Thu Jun 19, 2014 6:19 pm
Location:

Post by Wolfie » Fri Jul 11, 2014 5:53 pm
Don't think I could stick another year. It has been hard getting through the months on some months with unexpected expenses.

Just lately it (the IVA) just seems to be going on and on and on and on. Even though we are over the worse with the end in sight, the prospect of another year fills us with dread.
 
 

nursecrippin

User avatar
Posts: 245
Joined: Tue Apr 14, 2009 12:31 pm
Location: United Kingdom

Post by nursecrippin » Sat Jul 12, 2014 1:26 am
i know how you feel , my iva should have finished in May, but due to not getting a remortgage im into my 6th year. We have good months and bad months, but im counting down, and by May next year it should all be over. But my main dread is that we get there and the iva company tell us we have to pay something extra
Heidi xxxx
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Sat Jul 12, 2014 2:35 am
That will not happen in your case Heidi!
Regards, Melanie Giles, Insolvency Practitioner
 
 

nursecrippin

User avatar
Posts: 245
Joined: Tue Apr 14, 2009 12:31 pm
Location: United Kingdom

Post by nursecrippin » Sat Jul 12, 2014 5:04 am
thanks melanie, thats a great reliefand thankyou to you and your team for being there for us
Heidi xxxx
 
 

Radish

User avatar
Posts: 445
Joined: Sat Sep 15, 2012 2:19 pm
Location: United Kingdom

Post by Radish » Sat Jul 12, 2014 9:33 am
Good luck with this Wolfie. Sympathise with your situation.
IVA complete March 2014 after 6 years.
 
 

Wolfie

User avatar
Posts: 8
Joined: Thu Jun 19, 2014 6:19 pm
Location:

Post by Wolfie » Sat Jul 12, 2014 3:25 pm
Thanks for the support.

I have days like this. Not too often but I have them. Usually it is when I know it is going to be a tight month because of the new car. Grrr
8 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”