www.iva.co.uk

I am nearing the end of the 5th year of an IVA paying on average £1000 per month.
On conclusion we are supposed to surrender £50k from the equity in our house. It appears that we cannot get a mortgage or we can get a small part & pay extortinate interest rates.
The supervisior has stated that we have to pay 25p in the £ and may have to set up another IVA for up to 5 years. Surley this cannot be true? & can we be forced to take extortinate interest rates which will more than double our current debt to the IVA?

Hi Mike and welcome to the forum.

I've not heard of that before.

What were your total debts? You seem to be making a very high monthly payment.

Which company are you with?

This may come down to the modifications agreed at your original meeting of creditors.If there is equity and a minimum dividend is required, you may have to release it by refinance or sale. If you do refinance at high rates you should be able to move the mortgage back the the High Street in two years and this would avoid a sale or a neverending IVA.

Discuss the various options with your IP.

Thanks for the welcome. We started out with Haines watts who have changed name twice now its Tenon Debt solutions. We tried to hang on like so many others and kept borrowing to pay the interest over many years with a total debt of over £250k. I have never heard of a potential 10 year IVA

I know that some do go on for longer, I believe Mel has a 17 year one on her books. However, that would have been set up from the word go.

Know what you mean about the borrowing though!