My iva people last year said I had cashed my endowment in on mortgage and I should have told them so they put a sixth years onto my five year plan are they allowed to do this.
In theory the monies from cashing in the policy would be due to be paid in to the IVA, so they are entitled to get it back somehow, the extension sounds like a fair way, unless you are in a position to pay it back in a lump sum.
Be prepared for a further extension in month 54 to cover the equity release provisions if the figures show equity available.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Yes - I'm surprised they haven't made you pay the full amount back. What did your proposals say was to happen to it? Nb if you didn't disclose it in the first place that could amount to a material breach and failure of your IVA in any event.
