www.iva.co.uk

We have just had our 4th review on our iva & I am now looking for advice on what happens now. Our arrangement was accepted on there being a remortgage for around £30000 which in the current housing market is just not there. I have spoken to the company our IVA is through & am not too confident with what was said. One agent said we will need to continue our payments until our creditors are satisfied but I thought an IVA could only be for a maximum of 72 months...... I am panicking now that the light at the end of the tunnel has just been switched out.

Please don't think I don't know that we got in this debt, we have said all along we deserve to have to pay this back but we have been looking forward to being able to finish things in our house like replacing rotten windows which I am now really worried about.....

Hi there and welcome to the forum.

I'm not too familiar with the equity clause but do know we have some professionals on board the forum who give excellent advice, I feel confident someone will be able to advise you very soon. Hang in there. x

Your IP will need to call a variation as you will not be able to comply with the original terms of the IVA. Creditors normally accept a twelve month extension where equity cannot be raised but this is down to the individual creditors and is not guaranteed.

You will need to speak to your IP and get this resolved.

Thanks Michael. Do I need to contact them now (month 49) or do I wait until later in the year. I have been having real problems contacting them in the past few weeks & resorted to emails to sort out my review.

I have just managed to get through & they have told me what I need to do & until I have the mortgage redemption certificate & a valuation they can't say what will happen. Slightly worrying time!

Best thing is to get the information and pass it over. It is almost impossible to get a remortgage although few brokers will put this in writing. Your IP must be coming across cases like this on a daily basis and I am sure they will sort something out.

Thanks again, I am sure once I have sent off what they are asking for I will feel better.

Wish I had found out about this site a long time ago!

I am generally finding that most creditors are applying the same conditions as the IVA protocol with regard to equity raising - ie one extra years payments in lieu of monies which cannot be raised by way of remortgage. Just wish we could get some global directive on this to save putting forward so many variations!