I'm currently in month 66 of a 72 month IVA. The additional 12 months was added at Northern Rocks request but missed when I signed the agreement. NTF missed this as well and made me go through the whole equity release procedure last year only to write to me after I'd agreed a 12 month extension to highlight the mistake.
I've just provided my mortgage statement again and they have asked me again to provide 2 quotes or extend by another 12 months.
My house has been valued at 155k. Have a mortgage for 140k with 126k left to pay.
1st question, what's my best option to avoid going 7 years with this?
How much will I be expected to increase my mortgage by?
If nowhere will give me a remortgage, does that mean I have to extend?
This depends on the terms of your IVA. You are borderline if a solely owned property and if jointly owned there may be no need to extend. You need to check with own IP but if there has already been a mix up I am sure they will want to do their best for you.
First off you are in a 6 year IVA from the outset, extended from standard by NRAM, as they always do, and so, if there is equity to trigger an extension it will become a 7 year IVA. I gather the 12 month extension from the last valuation exercise was cancelled, so, if there is equity now this will be the first such extension and cannot be avoided.
The answers to your questions will be in your paperwork under "Equity Release" or similar ( the terms do vary from agreement to agreement in detail).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It's a joint IVA but the modifications from a 5 to 6 year IVA were only on my report, my wife's has some modifications on fees but nothing else? Will this make a difference?
I am guessing that they are entitled to carry out the exercise at month 54 per your wife's agreement and then again a year later under yours, but only if the modifications in the Chairman's Report say so -- otherwise the 54 months in the main proposal would still stand --- and that has already been done.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
