Hi I hope you can help us, we had a iva for 6 years, we finished in may this year, they didn't think we had another year as they said they had paid my husband tax which they didn't. So once it was sorted we asked if we had to do anything like with the equity in our house they said no all done and finished.we now have our house in the market with offers coming in, we are looking to move 300 miles away to start again and not have the money pressures. We have now been contacted to say we need to pay the £28,000 out of the equity. Once we explained we got told all is finished they said we was ill advised by them and it can take months to sort out. It looks like we now will need to pay the money and take our house of the market. Can anyone please give us sone advice
Firstly, did you have to try and remortgage and the extra year is from that and secondly, have you received your completion letter?
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
OK --IVA was for six years from the start, or was it extended near the end of year 5 ?
I would, at the very least, lodge a formal complaint and escalate it to their regulators if need be -- it won't change what has happened but the IP might get a fine.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If your IVA has finished but you have not received your certificate you could just wait it out. If the IVA has been extended you should have been paying contributions so my gut feeling is your IVA is likely in closures.
The IP will not have removed the restriction on the property as yet but put them under pressure to close your case and then sell.
It sounds to me like your IVA is not finished so as a result if you sell the property the equity will be payable into the IVA pot. take the house off the market - get your CC then you are free to do what you want with the property.
