We reached month 60 of our IVA in March, we made two payments in April and May to catch up with two delayed payments from beginning of IVA. In January we resent the house valuation,the original was lost in post, but have not heard yet if they want us to re-mortgage or pay for another year. We keep ringing but all they say is it's being reviewed. No payments have been taken for the last two months, can they suddenly start taking payments again or has the IVA technically finished.
They can if an extension is warranted --- however, three missed payments without a formally arranged payment break can fail the arrangement. I doubt this would happen, but would get something in writing just as a back up.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Only two payments deferred in first year, by agreement with IP, one was a part payment and these have been paid back in April and May this year. We knew about three missed payment clause so were careful not to invoke it. All payments due on IVA have been made plus they have had all PPI claim payments two of which were made after May.
Also the last two months payments that have not been taken are not because we missed them, they have not been requested by the IP, as confirmed by our bank.
Even though they have not requested payment, i would keep the iva money separate just in case they say you need to make extra payments for an extension or some other reason.
When an iva concludes, you should get a letter or phone call to state this and the next steps explained etc, so as you've not had this, I would email or call until you can speak to someone, as you'd not want to fail your iva at this stage due to their lack of contact or guidance.
Fingers crossed it has concluded for you
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
Thanks everyone, I'll just have to keep on bugging them, it's just worrying not knowing one way or the other and they have been reviewing it for 7 months now.
Hi again, well after many phone calls with the reply of 'it's under review' we sort of got an answer when we phoned last week, apparently we have the 12 month extension and we are due to carry on paying £734 starting 28th December. We were not best pleased by this as we were hoping to complete in March next year. I also sent a letter in July asking for a variation in our payments due to me retiring in August at the age of 67 and my husband due to retire in January, he cannot carry on as he is disabled and on long term sick for the full 5 years of the IVA but we have struggled and paid everything that has been asked. When we mentioned the variation letter and updated I & E that was sent we got the usual 'it's under review' this situation is now getting beyond a joke and basically we are no wiser than we were in June. Fortunately I took your advice Lisa and have put payments aside from June for 4 months but we will not be able to pay our mortgage obligation if they insist on taking the full payments. Would we be better taking a draw down from my husbands pension to pay the full 12 months sum in January and get it over and done with.
I know when we had to extend, it was at the monthly payment that we had been paying in our 5th year. If they are not prepared to review or if review is not allowed, then you may be better paying the whole amount in one hit. Rather than draw from the pension, would you be able to borrow from a friend or family member, that you could pay back at less per month than the IVA wants per month. Hope this makes sense.
Unfortunately we have no other way of raising a years payments, just annoyed that every time we ring we get the answer 'under review' and if we write we never get a reply. If the variation is not approved then it could potentially put us into failure as I will not miss paying our mortgage while we wait for them to make there minds up, this may be sound stupid but we have never, through all this trouble, missed a mortgage payment so do not want to start now. I'm just so worried and sick of waiting for decisions to be made and not being kept informed of what is happening, it's so near the end yet it seems worse than when we started.
We are both in IVA, not sure if linked or joint. The property value is around £180,000 and mortgage around £105,000. The figure quoted for equity was around £47,000. Two remortgage refusal letters sent by registered post and a couple of days later we also sent a letter plus updated I.E. asking for variation as we were expecting the extension but knew we would not be able to afford the same rate as year 5. Last week was the first we had heard about getting the extension, nothing in writing from them, but could have just been quoting from script as when we checked on the variation request we got the usual 'under review' which reading between the lines means haven't done anything yet.
Hi Sheila
I suggest you write to your IP by registered/recorded delivery and ask for 1) confirmation that the 12 month extension applies for the equity 2) how they have arrived at this decision 3) what the position is as regards your request for a variation since asking in July - and whether a) they are able to do this with their discretion b) if not and they therefore have to call a variation meeting of creditors to do so whether they have done this and what the outcome was and c) on the assumption they haven't, why not?! and d) on basis hour husbands payments are reduced to nil presumably the 12 month extension will not apply to him.
Hi Lisa, yes it makes sense except point d, why would my husbands payments be reduced to nil. He currently receives around £1200 which is half his salary each month thanks to an insurance taken out by his employer and also the usual benefits. When he reaches 65 in January he will instead go down to basic state pension plus DLA benefit, not sure if he keeps incapacity or not, so it works out we will be £1600 pounds per month worse off but I still expect them to ask for payment of some kind until end of IVA.
