I have an IVA with DFD after getting badly into debt when I split from my ex and buying her out of the house. I was sold on the fact that I could be debt free within 60 months (5 years). However on year 4 when they assessed the equity in the house there was no substantial amount to gain from a re-mortgage so instead added an additional 12 months onto my IVA. I have now paid 72 months and just finished paying it. They also got £6000+ from PPI refunds. Thinking that I can finally stop surviving and start living again when I get another letter this morning saying that they cannot close the IVA and want to re-assess the mortgage again?!?!?!? Can they do this ? Starting to feel very mis-sold on this whole IVA thing and bankruptcy might have been the better option, this feels like a prison sentence that is never going to end.
I would think this letter has been issued in error (probably because you are once again nearing the end which might trigger it). The extension was in lieu of equity -- they cannot have another bite of that particular cherry.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Got a message from DFD this morning, huge sigh of relief:
Thank you for your response. I can confirm that the obligation to remortgage has been complied as you have mentioned below and I apologise for the letter that you have recently received regarding equity release. Please disregard this as no further information is required in respect of your property
