I and my husband have been in an IVA with Cleardebt and have reached and paid month 61. On calling CD back in early March, they advised that the IVA would end with March's payment (month 60). Overjoyed, I called them back to request that in writing, only to speak to another "advisor" to be told that we should have been advised of the equity release clause after month 54. Gutted, we have obtained a valuation for 195k on the house and are awaiting the redemption figure for the secured loan (probably around 12k) and have the mortgage statement of 136k. We have dug out the original IVA paperwork and, similar to other posts on this forum have a 5k equity rule each. By my reckoning 85% LTV on 195k is £165750, less the approx mortgage and loan is approx £148k, leaving 17k, so 7k over our equity rule.
My point is, that if the valuation would have occured in month 54, it would likely have been around 190k, giving LTV of 161500. The mortgage and loan figures would have been higher as well, which would have meant that we had less than 10k in equity and would therefore have been released from having to pay a 6th year. Has this happened to anyone else and what was the outcome? Our case is waiting for the exact figures to come back before CD make a decision. Apologies for the long post, but we'd be absolutely gutted if we had to do another year on the basis of it could have been avoided if done earlier.
When you checked your proposal who did it say should arrange and submit the valuations at month 54? I know in my proposal it was me who had to arrange things and send the info to Cleardebt. Harsh as it would have been, I guess technically I could have been breached if I hadn't.
If your proposal says that they would do it, try to argue back with what uour mortgage redemption was then.
