Hi I am now in the 6th year of my IVA. I was asked a couple of weeks ago to see if I can remortgage my house. I left this to a company that my IVA company recommended. They finally came back and said you have no equity. I have since gone back to my IVA company and they are arranging a meeting to if my IVA will end. My question is should this have been done at 4 1/2 years. I am now 4 months into the 6th year. If the bank says they are happy and end the IVA am I entitled to the extra money back being as the contract I signed was a 5 year term. I would just like to clarify this before I go back to them. Thanks Jason
If your IVA was for five years and there was no extension then this should have been addressed in month 54. If this was not doine you would have grounds to complain if you have since made extra unnnecessary payments. However make sure your IVA was not extended at the time of the meeting for small dividend or if you owed NRAM as I am surprised the IP firm did not pick this up at the last annual review.
This does seem a little strange - as Michael says establish the reason for the extension first so you can better understand if you're entitled to a refund.