I have been in an IVA agreement for 4 years & 11 months and it is due to end August 2017. My son has offered to help me to settle the IVA. How much should we offer the IVA company to settle. I pay £145.00 per month and have 13 payments left to make.
The creditors are expecting another £1885 (assuming the extra 12 months is to address equity ), so an offer of around that would be the figure to aim for.
It takes a few months to arrange a final offer, so time might well overtake you and make it not worthwhile.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi. Thank you for your replies. I am guessing that the extra year is for equity as i own my property. Is this normally the case if they ask you to pay for an extra year?? I would have to look at my paperwork to confirm. My IVA is with Payplan.
It will be for equity if you have any. Have you had a valuation done?
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Hi. Thank you for your reply. No i haven't had a valuation done. I cant remember if one was done at the beginning of my IVA. Will they ask for a valuation to be done on my property at the end of my IVA. There is some equity in my home.
Some firms do their own valuations -- and often get it wrong. Do you agree that there is more than £5k equity in your property ? If not an extension might not be needed. Ask your case worker for the reasons and the figures behind the extra 12 months.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Ah ... that puts a different complexion on things .... did they explain why ? Is NRAM (Northern Rock) one of your creditors?
If it was not equity related then, yes, they can come back and revalue --- you will not be able to remortgage, so you might get an extra extension of a further 12 months. so the amount needed to make an offer would have to be based on £3625 ... so, maybe, an offer of £3k.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I cant remember what they said the reason was for adding on an extra year.
No Northern Rock was not one of my creditors.I will need to phone them and ask the reason for the extra year extension.
So my IVA was set up for 6 years, so can they add another year (taking it to 7 years) on top of that as well if the extra year that has already been added is not equity related? How much equity can you have in your property before they can ask you to remortgage
You are required to ATTEMPT to remortgage if your share of available equity is more than £5k. Currently no-one can get a remortgage due to the state of the market, so the 12 month extension will apply.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
That would be my first port of call, yes. Also, dig out your paperwork and read up on the equity clause so you can stand your ground if need be. If you also have a copy of the Chairman's Report, which would have been sent to you after the initial creditors meeting, that should detail what went on at the meeting and any changes made to the proposal.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
