www.iva.co.uk

Down to my last 5 payments of my iva , sent mortgage papers off , have about 9 thousand left, not sure if I will have to do another 12 mouths ?

It depends on your own proposal but it seems you have little equity so hopefully no extension will be required.

I hope so , another 12 mouths would do my head in , by the way I'm with grant Thornton

Is there any way I can track the progress of my iva online without contacting my ip

You could send them an email rather than call and hopefully they will be able to reassure you that way.

How long does it normally take to get a response as to whether you need to extend or not?

It should be done once the valuation and mortgage statement have been received. It should not take long.

I sent my mortgage papers to gt over a mouth ago , still not heard from them, is it down to me to get in touch

Thanks

How much is your property valued at, and how much is the outstanding mortgage balance?

Property value between £145000 - 155000 , outstanding mortgage is £118000

On these figures it seems you will have to remortgage as you have more than 15% equity in the property. On the lowest valuation and including £5k cushion then you would just fall within 85% LTV.

Another year, although not welcome at the time, works out better than equity release.

So let me get this correct, if they go by the lowest value, I should be ok, but what are the chances of not doing another 12 mouths

No, even allowing for the lowest value of £145000.

LTV £118,000 divided by £145000 = 81%. Your LTV would have to be greater than 85% for equity to be excluded. But check the exact wording in your proposal .

Have you had your valuations done yet as make sure you ask for "forced sale basis" as against market value. A value based on a forced sale is generally recognised in the insolvency world as a fairer value and is generally 10% lower than market value.