I am in an IVA at the moment. The 5 years is due to finish in December. I have been told of the need to pay for an extra year due to there being no equity in the house. I would like to know if any money I might come into in this final year can be touched or if just continue with the monthly payments. Please advise.
Welcome to the forum. Your additional year will still include all the terms and conditions of the first 5 years so any money received will need to be declared.
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All of the terms and conditions apply until the final payment is made, after which the liability to pay in PPI and windfalls remains until the completion certificate is issued. From then on the liability to pay in PPI remains, as things stand at the moment.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi If you have no equity that usually means an extension won't be necessary so I would check that point. If you receive a windfall before you gt your CC it will vest in the IVA.