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Posted: Thu Sep 11, 2008 1:43 pm
by l243
Hi coming up to the end of my 3rd year, will the 4th year clause came into effect this year or later on. alos tired into mortgage untill 2010 december
Posted: Thu Sep 11, 2008 1:54 pm
by Lisa2009
Hi and welcome
You will probably be asked to look into remortgaging at the end of year 4/beginning of year 5.
Posted: Thu Sep 11, 2008 2:12 pm
by Sensible77
My IVA is with PayPlan and the Chairman’s report says that I will be required to remortgage in the 4th year. To me that means from the first day of the 4th year onwards i.e. 3 years and one day.
Posted: Thu Sep 11, 2008 2:19 pm
by Sarah Nancollas
Depends on the wording of the clause (and any modifications) but it would usually mean the final 12 months of the IVA
Posted: Thu Sep 11, 2008 6:12 pm
by Rainbow
Mine says in month 54 I have to try to remortgage.....
Rainbow
Posted: Thu Sep 11, 2008 6:16 pm
by MelanieGiles
If you have a "fourth year" clause, then it means that from any time from the first day of that year to the last day of that year you have to comply with the provisions of the clause.
Under current IVA protocol, the trigger point is month 54.