We are just about to start yr 5 of a 6 yr IVA . Can it be extended to 7 years for equity release ?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
Post Reply
 
 

Mark.29

User avatar
Posts: 30
Joined: Mon Jun 23, 2014 3:55 pm
Post by Mark.29 » Wed Jul 22, 2015 9:28 am
Quote
We are just about to start yr 5 of a 6 yr iva (nram incisted on this as part of the debt was a together morgage loan) my question is: can they extend to 7 yrs or not. We do have some equity.
Thanks
Top
 
 

lifenoteasy

User avatar
Posts: 3248
Joined: Thu Feb 05, 2015 2:26 pm
Location: United Kingdom
Post by lifenoteasy » Wed Jul 22, 2015 9:31 am
Quote
If NRAM is involved and equity is possible then 7 years is not uncommon (unfortunately).
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Top
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Post by Foggy » Wed Jul 22, 2015 9:52 am
Quote
With NRAM, 6 years is the base line and the equity extension, if triggered, will go on top of that -- so a 7 year IVA is to be expected.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Top
Post Reply
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”