This forum was a blessing during the early months of my IVA, during the middle of my IVA I just got on with it. Now the end is insight I just want to get over the hurdle with no problems and so I can see me asking lots of questions over the coming months. It’s strange really I am as nervous now as I was when I was waiting to get my IVA apporved.
So really, I just wanted advise on what to expect now and what I will need to provide. I am with Aperture and although they have received negative posts on here, I can only say they have been really helpful and understanding throughout my time in the IVA and hope this continues to the end.
So, I am due to come to my fifth year in June with an extended 6th year due to having equity in my house. I am in the process of applying for the re-mortgage which of course I am not going to get and sending confirmation of this to them. I have about 3.9 months of agreed arrears which is being added to the end. I have been advised this will be added to year 5 and then my 6th year begins once the arrears have been paid.
1. So in June this year will I be required as normal to send my payslips to them?
2. Will this be my final review or is there another one next June at the end of my 6th year?
3. On the final review do they just check the last 12 months payslips or do they go over the last 5 years, even though I have had yearly reviews and they have all been ok. Worry they will find an error they have made and suddenly my IVA will fail or I owe loads more (silly I know)!!
4. In year 6 will the payments just continue as previous payments?
Sorry for all the questions, but I know I still have a while to go, but I feel a debt free life is in grabbing distance and I can’t wait to embrace it.
1. So in June this year will I be required as normal to send my payslips to them?
You will have a normal review in June 2018, then June 2019 and a final review 4 months later.
2. Will this be my final review or is there another one next June at the end of my 6th year?
No, while in the IVA you are expected to have a review on each anniversary.
3. On the final review do they just check the last 12 months payslips or do they go over the last 5 years, even though I have had yearly reviews and they have all been ok. Worry they will find an error they have made and suddenly my IVA will fail or I owe loads more (silly I know)!!
They will go over the last 12 months checking income, mainly, but they will also double check each annual review.
4. In year 6 will the payments just continue as previous payments?
The year 6 payments will be at the level agreed at the end of year 5 review. The extended year is just a normal year in the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Isn't it wonderful to be near the end - glad we were here for help and support.
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
