www.iva.co.uk

we have just completed our iva after 5 years ,,,we never missed a payment,,now we have been told we have to take out a loan for 14,000(with interest)which will take another 5 years to pay off,,,,we wasnt told this when we signed up for the iva,,,so in reality we have paid of our debt but will still be in debt for 5 more years ,,,,i am so annoyed at this ,,but all we get is ,,you should have read the small print,,,,if we had have known we would have never got involved it feels like every penny is trying to be squeezed out of us,,,if we dont get the loan we will lose our home,,it just seems so unfair after biding by the rules for 5 years,,

Is this as equity release Annie?

hi puppy,,,yes it is love ,,we wasnt told this at the start:(

Whether it's equity release or anything else no-one is going to lend you that money if you are in an IVA.

You will likley pay 12 more months payments into the IVA if this is the equity clause.

What are the terms of the IVA and/or is this something from you IP?

I think most Iva's have this clause now... Depends on equity in your property if am right?

it just seems so unfair after complying with all the rules for 5 years,,,well still be in debt for another 5 years,,,:(..all just seems to be for nothing ,,,not happy ...

im not sure,,why cant we just remorgage,,woudnt that be better??

Oh I'm so sorry to hear that, what a nasty surprise [V] So no mention was made of it all at the start? I thought it was standard for those with equity in a property?

they use there own loan company specially for iva customers,,,they said it would be a 15 year loan,,,,,,but if we pay more a month we can pay it off in five ,,,god,will it never end,,,

hi puppy,,,nothing was mentioned at the start,,they said it was in the small print,,,;(,,looks like they want to squeeze every penny out of you ,,,never again xxxxxxxxx

Omg wot company are you with? I've not heard of the loan company before now! I assumed that unless you can release the equity they extend your arrangement by 12 months not arrange a loan for you which lasts 5 years! Makes a bit of a mockery about the iva!!

hi franky,,,im with debt free direct,,,mockery isnt the word id use ,,,ill look into what youve said love x thanks x

Ah no probs! Please let us know how you get on! There seems to be new clauses everyday on these posts! Talk about moving the goal posts!!

as anyone else come across this problem????and is there a solution,,,im at my wits end now ,x

i will franky,,,it just dont seem fair ,,or right ,x