Where did the time go?

[Louise.bb]

Hi folks and as the title says - where did the last blinking 53 months go? Next payment will be my 54th and just about to start on the property valuation route and apart from a few worries about the possibility of having to take a secured loan if I can't remortgage (I am an old JPG customer taken over by Creditfix) I can at last see light. I am guessing that I may have in the region of £15,000 equity so if I can't remortgage to release that then I expect to hopefully do an additional 12 months and finish in October, 2017.
I want to pay as much of my debt back as I can but can't help feeling excited already at how quickly the time has gone and that it could all be over next year.(notwithstanding a secured loan of course!!)
Anyone else at the same stage and starting to feel the end is in sight?

[Shining]

I'm no longer in an IVA but wanted to wish you well for the final leg of your journey to debt freedom.

I agree that times does fly within an IVA, I just took each month as it came and crossed it off in my mind.

[recovering]

Stick to your guns re the secured loan another PJG'er on here has just gone through the same thing and Creditfix agreed it was to be a 12 month extension.

[Louise.bb]

Thanks Lesley, thats very reassuring Recovering, got a day off tomorrow so am going to ring CF to try to clarify it, thanks.

[recovering]

Let us know how it goes!

[Louise.bb]

Well, spoke to CF today, a lovely man told me that the letter I received stating a firm called Just Lending would be contacting me to discuss if there were any ways in which I might be able to close the IVA earlier through a loan with them - otherwise I would be looking at another 24 months with the current payment. I said I expected to do an additional 12 months bringing it to a total of 72 and he then said yes it could be 12 or 24 but would probably be 12.
Also said not to go ahead getting any house valuations yet until I'd spoken to them so I await their call with great interest!!

[Shining]

24 that's a new one on me! the general is 12 extra months in lieu of equity. I acknowledge that some posters have a 72 month IVA and then a further 12 months for the equity can put this up to 84.

However, maybe I've just not heard of it.

Hoping it is 12, be clear about any secured loan if you don't want it, you can challenge this.

[Foggy]

Sounds to me like he made a mistake and didn't want to admit it --- you will have 12 written in your agreement, so that will be the extension, unless you have a minimum dividend to hit.

[kallis3]

Get a local estate agent out to give you a valuation regardless of what CF say.

[Louise.bb]

Yes I will Kallis, I agree Foggy I think he just made a mistake - allayed some worry for me anyway and intend to press on with valuations so as not to delay things. Re-read my original posts when first applying for an IVA and still marvel at the comradeship shown then. Whilst never wanting to repeat the mistakes and circumstances which got me into debt in the first place I can honestly say the experience has changed me forever. We all know its not easy but I have mainly been able to save a little bit each month for a disaster - so much so that when my car needed serious repairs I had the money - plastic would have been the answer once upon a time - and whilst life does tend to go 'on hold' you do learn to make do and mend. I had never, ever, been able to save money at all before and am now sickeningly evangelical about it. Better late than never eh?

[esgt1967]

The conditions regarding equity release and any possible loan/extension will be clearly stated in your IVA proposal so you should check it before taking what this person has told you. Our IVA says that we need to get a valuation in month 54 and we will be doing that (not there yet - coming up for month 40) and then getting in touch with IP to let them know the outcome, so don't wait for them to contact you, get your valuations done! Good luck.

[Lisa Thomas]

Bit late to the table but just wondering how you got on?

Make sure secured lending definitely applied to your IVA. You don't usually have to use the firm your IP recommends either.

The best starting point is checking whether you have equity over the (standard) minimum.

If not then it shouldn't apply anyway and your case should be closed. Best of luck.