Hi, I have just received the paperwork to complete my final year of my IVA and have a few questions:
1. I understand I need to get a valuation on my house to establish if there is any equity which could be released?
2. My mortgage is 50/50 repayment and endowment, I have received several letters over the last few years indicating there will almost certainly be a shortfall, would this be taken into account by my IP?
3. The final payment on my IVA is due to be taken around January 2016, when this takes place roughly how long does it take for the discharge certificate to be issued?
4 And finally, is there any other issues/pitfalls I should be aware of in this final year, I really want to try and cover every angle in ensuring I complete my IVA successfully.
The equity will be calculated on the balance of the mortgage whether interest only, repayment or part and part. Once the IVA is over you have the option of then making overpayments to reduce the balance should you wish.
It usually takes up to three months to close a file but some firms take longer than others.
