www.iva.co.uk

Hi,
Me and my wife are approaching month 66 of a 72 month IVA. We only discovered last year that some additional modifications (extra 12 months from Northern Rock) had been added after the creditors meeting. This was also missed by NTF as we went through the whole equity release process and agreed to a 12 month extension due to not being able to remortgage in month 54.
NTF then wrote to us in January, highlighting there error and cancelling out the 'equity extension' and we are having to go through the whole process again now.
It's looking unlikely that I will be able to avoid extending for ANOTHER 12 months. Our house is valued at �155,000 and we have �123,000 left on the mortgage. What I have noticed going through all of the paperwork again today is that the 72 extension modification is only on my chairmanship report. My wife has more or less the same report but her modifications only cover fees and something about claims to a third party.
Would we have an argument that her 'half' of the IVA should end this year and we only extend my half? I know I'm grasping at straws but paying 7 years for something we only expected to go 5 on is really frustrating.

If you have the 85% LTV & £5000 de minimus clauses then based on your figures there would only be £8750 equity to be split between you & your wife, ie, £4375 each which would mean that your IVA ends at month 72.
I don't know how it works if you both have different clauses.

I would certainly try and remove the additional 12 months for your wife if not written Into the chairmans report or proposal form. Its worth a try

If this is the case then technically, my wife's should have ended last year as we had less than 5000 equity in the house last year at the 5 year equity review stage.
Am I entitled to ask the IP for a file review as I have no faith in NTF at the moment?

As I mentioned on your other thread, I would use the arguement that the wife's IVA should end according to the agreements therein.