Hi - depends on the wording in your IVA as all can be different. You may be lucky to have it written down that if there is no equity then the IVA will cease after 5 years.
Best thing to do then is to ask your IP to explain. I know there's lots of blurb that can go in about LTV of 85% of the value etc. Is this what yours says?
If you have a protocol compliant proposal ( started in the last year or so ) there should be a clause stating if no equity or less than £5000 equity the IVA will conclude at the end as expected. If there is more than £5000 in equity, you must attempt to release this into the IVA. If unable to do so you will have to make a further 12 months payments instead.
This can vary from proposal to proposal and is a much simplified synopsis so it's best to have a word with your IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
My understanding is the most recent IVA's will see an additional 12 months payments if no equity can be released.....older IVA's may have the clause that says the IVA will conclude - best option is to speak to your IP and gain the advice pertinent to your own set of circumstances !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
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
