Hi I wonder if someone could help. After about 6 weeks into my IVA my circumstances changed. After speaking to the IVA company we agreed a new payment and they extended it over 6 years. I have now had a letter asking me to get a valuation on my property (5th year). What is the percentage before the IVA can claim the any equity. I'm worried that they will force me into a new mortgage that will put me back in debt. Also I have claimed back around £15000 back in PPI claims which the IVA company have. What happens to this?
It's almost unheard of for anyone to get a remortgage to release equity (which has to be over £5k) but some companies are pushing towards a secure loan so you need to check your agreement.
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.
Hi Jason,the PPI refund will be an asset of your IVA. Even if received this will not make a difference to the contributions you need to make (unless enough is received to pay off all debts, interest and costs in full). You need to check your paperwork very carefully as your equity terms will be in your proposal terms.
