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Posted: Wed Dec 17, 2008 7:01 pm
by NicoleLouise
If you cannot raise any equity from your property near the end of your iva, what happens? Do you have to carry on paying your creditors for an exta year?
Posted: Wed Dec 17, 2008 7:03 pm
by Lisa2009
It would depend on the exact wording in your original proposal. Some say the IVA will end and some say ongoing payments can be made.
Posted: Wed Dec 17, 2008 7:08 pm
by kallis3
The newer IVA's mostly add the extra 12 months on. Ours does.
Posted: Wed Dec 17, 2008 10:05 pm
by MelanieGiles
As the other posters have already explained, the answer to this lies in your IVA proposal - together with any creditor modifications which you agreed to accept on the day of the meeting. It might be better to give your IP a ring and get them to reconfirm the exact position on this point for you, as they will have detailed knowledge of your case.
Posted: Wed Dec 17, 2008 10:39 pm
by c.j
My IVA states that if there is no equity then it will go on for another 12 months and that was approved in June this year.