We started our iva in june 2011 and have never missed a payment.During this time, my husband and I have successfully been promoted at work which saw our iva payments increasing. We have both had ppi claims and some inheritance monies that have also been paid directly to the Iva. We have now paid into the iva more monay that was actually agreed in the first instance and we seem to be on track to clear 100% of the debt at the end of the term. we have 6 year Iva and have nearly completed 5 years. My question is, would we still have to try and re mortgage in month 66 if we seem only owe £1000? this £1000 would be paid before the term reaches month 72. It just seems to waste a lot of peoples time, hunting around for mortgages when we could easily clear 100%of the debt by month 72...very confused by it all
You have to clear 100% of the debt plus IP charges plus IVA charges plus any statutory interest that may apply.
The figure that you started off with as you went into the IVA only gets written off at the end of the period.
As it stands you may have to attempt to remortgage or have a 12 month extension.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Check whether statutory interest applies to your IVA. If it does I would think it would be reasonable to put forward a variation asking creditors to waive this, given I suspect they are receiving a lot more than was originally estimated and will be paid back 100% plus costs.
If you're unsure ask your IP to work out the figures for you.
If there haven't been enough realisaitons for this then a year extension will probably apply on the assumption you will not be able to remortgage.
