www.iva.co.uk

We have about 14 months left in our IVA and wondered what will happen. I asked my IP what we have left to pay and they have advised us an amount I can not remember but it is roughly £8900.

Once this figure has been paid by the end of the IVA, is that it or can they request an extension of a year or release any equity from our home to increase the contribution? They also advised that I could make a full and final offer if I wanted, but that option is not available to me unless I fall in to a vat of money.

It has been tough and can not wait for it to all end.

The equity release will be looked at 6 months before the predicted end of your IVA. Depending upon the exact clause you have in your arrangement the amount will be assessed and, if deemed sufficient you will need to attempt to remortgage. Generally, but not in all cases, a 12 month extension is taken on in lieu of equity if a remortgage is refused.

Don't think I could stick another year. It has been hard getting through the months on some months with unexpected expenses.

Just lately it (the IVA) just seems to be going on and on and on and on. Even though we are over the worse with the end in sight, the prospect of another year fills us with dread.

i know how you feel , my iva should have finished in May, but due to not getting a remortgage im into my 6th year. We have good months and bad months, but im counting down, and by May next year it should all be over. But my main dread is that we get there and the iva company tell us we have to pay something extra

That will not happen in your case Heidi!

thanks melanie, thats a great reliefand thankyou to you and your team for being there for us

Good luck with this Wolfie. Sympathise with your situation.

Thanks for the support.

I have days like this. Not too often but I have them. Usually it is when I know it is going to be a tight month because of the new car. Grrr