Hi, just been informed in our 72nd month of payment that we have to try and release equity.

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
 
 

Lexie

User avatar
Posts: 1
Joined: Fri Oct 07, 2016 12:21 pm

Post by Lexie » Fri Oct 07, 2016 12:21 pm
Hi just been informed in our 72nd month of payments that we have to try to release equity. Although we were aware of this we thought after 5 th year and not hearing anything about this they had automatically just made us complete a 6 th year of payments . Absolutely gutted to think we have another year of payments as on bread line making payments
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Fri Oct 07, 2016 1:32 pm
Hi Lexie. It sounds as though you were in a 6 year arrangement from the start. Have a look at your Chairman's Report -- any changes will be detailed in there.

For the benefit of others in a similar boat --- silence on a matter from your IP means nothing other than they haven't mentioned it. The onus on complying to the terms of an IVA is on you, not the IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Oct 07, 2016 3:03 pm
Agree with Foggy - hopefully you will have no equity so won't have to continue
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
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”