Hi all,, we are now in our sixth and final year of our IVA ( I hope), we have to get house valuations next February i think, house value approx 165k, 116k mortgage, 23k secured loan balance approx. will our creditors demand another 12 months of payments if we cant release any money from our house? not sure if we could take another year of this, a 6 year IVA is more than enough. To top it all my wife's employer are relocating further away making her commute over 2 hours each way, and they might cut her days from 3 to 2 when they move costing us £280 mth, just feel we are so close to completion & we dont want it to fail at this late stage,, just feel a bit low atm,, its been a hard journey so far. roll on summer eh
Last edited by mikepapa on Sun Oct 12, 2014 10:15 pm, edited 1 time in total.
Not sure any of us can answer if your IP will seek a further 12 months. From your figures you do still have a chunk of equity so they may opt for this. You could however seek a payment to date agreement when your wife's circumstances change in her employment ... asking someone to travel 2hrs each way is in my opinion extreme.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You may not have to extend anyway as the amount of equity which could be released at 85% loan to value is below £5k. Get the valuation and hopefully the IVA will just cease as normal.
Thanks for your replys,, seems we will just wait until valuation time and see what happens, my wifes change in circumstances are my main worry atm, because it will mean a pay drop of around £280 mth.