Hi I am just looking for a bit of advice. When I started my Iva my circumstances changed and it was agreed to extend my payments up to 6year. I have now been asked after 4.5 years to get a valuation on my property in the chance I may need to remortgage. I don't believe I have any equity in my home so I don't think this is going to an option. However I have already agreed to a 6 year term. Is this right do I still need to get a valuation as I though an Iva could only be over 6 year maximum. Confused!!
It is probably correct but usually the equity calculation is done six months before the end of the IVA which would be month 66 and not month 54. Speak to your IP and ask is it necessary to do this now when you will almost certainly have to do it again next year.
Just to add that there is no maximum time for an IVA. I know of one IP who did one that was supposed to last for 17 years although it did fail.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
