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Posted: Fri Sep 19, 2014 7:14 am
by Brian.03
My 60 months has been completed and just had a valuation on house as I have little equity in my home. I am not be able to get a mortgage. IVA Supervisor has advised that another 6 payments to be paid. I have just over 75% creditor agreement. I am not happy with the agreement.
Posted: Fri Sep 19, 2014 7:34 am
by relieved33
My iva said that up to 12 months could be added to the term in lieu of equity. If it is in your proposal then there's not much you can do. The fact it is 6 months would indicate your IP acknowledged there's not much equity. Check your proposal.
Posted: Fri Sep 19, 2014 10:31 am
by Til
You might find some info reading my thread here:
http://www.iva.co.uk/forum/topic.asp?TO ... hichpage=1
Our IP said we had a small amount of equity that amounted to around 10 extra months payment. However with an accurate valuation we proved this was wrong and the extension was cancelled.
Make sure your house has been correctly valued as this might change the need for the 6 months.
However if you do have equity and you had the same clause regarding equity that we did, even at less than 5k it might still need to be paid.
Your Chairmans Report should be able to answer how equity is dealt with for you.