I have just come to the end of my fifth year in an IVA, there is probably some equity in my house no more than £20,000 but the home is jointly owned with my son who does not live here, is it correct that his equity will not be touched? Also because of poor health I have had to reduce my working hours to part time so feel I will struggle to remortgage (I am 63 years old), I just need to know if I will lose my home as if I have to pay for another year the payments will be considerably reduced. My IVA company are not very helpful.
Your son's share is safe. I think that you could perhaps ask your IP to ask creditors to accept payments to date to close the iva if you have rreduced your hours due to ill health. Who are you with?
Hi Barbara -- the equity level should only be based upon your share (presumably half). Most (if not all) fail to remortgage and, as long as that is what is in the agreement, get an extension. You should have already advised your IP of your reduced income in case a reduction in payment can be agreed right away. Be mindful though, that you need to keep up an acceptable level of payment.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you for your reassurance, I haven't been able to talk to my IP even though I have phoned several times, he is never in the office (I'm with cleardebt) so even though my pay was reduced in March I have carried on paying the full amount which has been a struggle. I was diagnosed with cancer in 2010 a year after starting my IVA and am still being treated, I am tired and would dearly like to retire but can't until I know this IVA has finished. If I provided medical evidence of my ill health is there the slightest chance my case would be closed
