Hello, what happens once an IVA gets to 7 years?

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Cat18

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Post by Cat18 » Tue Aug 04, 2015 6:17 pm
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Hello, what happens once an IVA gets to 7 years? My ex entered into one almost 7 years ago and put a restriction on my house even though he wasn't living in it at the time. I can't get a mortgage in my own name while the restriction id there. Will the IVA be discharged and me able to finally disassociate myself from him financially?
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Foggy

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Post by Foggy » Tue Aug 04, 2015 6:50 pm
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Most IVAs end at 5 years, some go on to 6. They can go longer, depending upon what was agreed at the start or to catch up arrears etc.

If the mortgage is with NRAM Together they usually insist on a six year IVA, which can be extended to 7 in lieu of equity.

Once the IVA ends the IP will remove the restriction on the property.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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