My IVA company is Grant Thornton - ( now changed their name to Aterture ) who have contacted me. I started the IVA in 2010. It should finish this year. I received a letter from them saying they have the right to release any equity in his house to the creditors. They are saying there is still 12 months to run on the IVA. I am the only person working and cannot have my house remortgaged. In addition they are saying 'the debtors was to be valued six months prior to the end of the arrangement any funds raised from this source were to be contributed to the arrangements for the benefit of the creditors, this matter is currently being addressed'.
That is a standard clause in most iva agreements unless you can prove there is less than 5k equity.
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.
I'm afraid you will have to try and remortgage but hopefully your equity will be less than £5k and anyway, you won't be able to remortgage so you may just need to carry on for another 12 months.
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
Hello there!
Its unlikely you will be able to remortgage due to the IVA, it can be the one time you will be glad that you cant in some cases! Im also with Grant Thornton, when i was in month 54 all i had to do was X2 online mortgage applications, and due to the basic criteria not being made, they were refused, all i had to do was send a print out of the refused application.
*GT/Aperture Last Payment-01/07/2015
*GT/Aperture Account Closed-13/01/2016
*GT/Aperture Completion Cert-21/01/2016
This is standard procedure. You have to remortgage at the end of your IVA if you have more than £5k of equity. If and when you can't release that (which you almost definitely won't be able to do) then the IVA is extended for another 12 months in lieu of the equity. You should have been told this at the start of your IVA. Your starting point will be to try and prove that you have less than £5k equity in your home. You might have to arrange your own valuation if you dispute Apertures figures.
