Cam the equity review be done once or can it be reviewed again ?

[Karantiggy]

Hi all, I have received a letter from payplan regarding equity review. I have had the house valued at 95,000 but we owe NRAM 97,545. On checking the IVA agreement they are interested in 85% so therefore we are in a position where the IVA will end, am I right? My concern is my husband and I are now separated and his IVA concludes later than mine as he has had payments breaks etc, will this equity review be done once and the decision is final or can they review again? Also in the agreement it states about 5,000 each way on equity, with figures shown am I safe to think the IVA will conclude as expected or is there anything else I should know. Many thanks

[relieved33]

At this time you have no equity according to these figures. When it is time for your husband to get a valuation, if there is equity,his share will have to be paid or his iva maybe extended for 12 months.

[Karantiggy]

Apparently my ex husband has received a letter too. Will they do one review for both of us then or do they ever review twice? My husband and I took the IVAs at the same time but he has taken breaks due to moving out. Many thanks

[Foggy]

If the paperwork states "month 54" as is usual, then that is when the review should take place.

[Michael Peoples]

There should be no need for another review after this one is done and hopefully the IVAs move quickly to completion.

[Karantiggy]

Many many thanks and let's hope for the conclusion who's has been long awaited