www.iva.co.uk

Hello

I am in month 52 of my IVA.

Doing some rough calculations I estimate that in month 54 the amount of equity I have available could possibly come in at just under the £5k de minimis clause. However, by month 60 the available equity would probably be over that amount. House prices in my area (midlands) have been rising slowly over the past year or so and, of course, each month I am chipping a little bit more off my mortgage.

So, I’m just wondering – if I do indeed have less than £5k equity available in month 54 will my IP accept that, or are they likely to spot that by month 60 I will probably have more than £5k equity and so try to get me to re-mortgage or extend for another year?

I cannot see the IP going back for a further revaluation so once month 54 passes that should be it. The proposal and Chairman's Report usually makes this clear so I doubt if the IP could do this even if they wanted to.

Thanks – that’s what I thought (was hoping!).

I’m not trying to wriggle out of anything – just a bit nervous as I think the figures are going to be quite close going by my recent mortgage statement and knowing what a house two doors away from me has just sold for.