www.iva.co.uk

Had 6 year iva, just made last contracted payment, sent all mortgage redemption and valuation stuff in as required nearly 7 months ago, chased regularly, finally emailed to say if I hadn't heard anything within 2 weeks I was assuming equity question had been dealt with and I would expect completion certificate, got home today to find a final report and completion certificate.

Is that it? I am now really worried they will realise they should have had equity from us but the completion certificate says 'with xxx county court etc' and says I have done everything in accordance with my arrangement - can they come back in 1, 2 , 3 or more years and say 'oops - we made a mistake.....' given that I have done everything 100% correct??

I should be ecstatic but I am so worried....

I would say that you have completed. Does the final report mention equity ?

It doesn't mention equity as such it just says no property included in arrangement

Then it appears they have looked at it and excluded it ( I assume your valuation showed little or no equity).

That's the bit I'm finding confusing - there was/is equity, and enough to trigger the extra year I thought, but the final report says it was excluded.
As they have had everything to make the decision they did, and as I've done everything I should have - including asking them about the equity question at least 3 times since sending in the paperwork - am I safe to assume that since they sent, unprompted, the completion certificate, this is legally the end of this?

How much equity do you think you ended up with ?

Depending on how they calculated it I'd have thought more than £15k but they have had all this for 7 months, along with me telling them I would attempt a remortgage as soon as they said to.

If they've sent a copy of the certificate to the secretary of state and the court, and I've not withheld any information or done anything wrong, could there be any comeback now?

I have not heard of a completion being revoked.

Thank you Foggy, I'm just worried! Having made all my payments, provided all information I needed to, kept chasing them for information regarding the equity issue and hearing nothing at all from them, the certificate arriving out of the blue has thrown me. I fully expected to pay for a 7th year and am just gobsmacked and worried that if they do find they made a mistake, they could come back and try to make me bankrupt. I know I've done everything right, never hidden anything, never lied, never had income I didn't tell them about etc etc but I can't help but worry - I'm the sort of person that feels guilty with a police car behind me even though I know I haven't been speeding!

The worst thing that can happen is that they suddenly decide you owe another 12 months payments in lieu of the equity --- they cannot bankrupt you.

Your firm seem to calculate equity the "standard" way, it that is any help. So valuation x85%, less redemption figure and fees = equity available.

creditnomore - congratulations and make the most of it.

Congratulations and move on. If there was an error by the IP then that is not your fault and if it is ever picked up by an inspector for example then the likelihood is that the IP will cover the loss and not come after you.

Hi

You are all done !

Enjoy being debt free, you have nothing to worry about

Regards

Its possible the property was excluded for some reason as part of your original proposals or modification. Either way you have your CC now so go celebrate! Congratulations!