www.iva.co.uk

Hi there, just wonder if you can help. I took out my iva in 2010 I've paid my last payment last month but didn't receive and letter and what I needed to do six months before the end of my iva. So I've got all that information to them, and today I've just found out that if I can't remortgage the house they now want 12 more month or repayment. I told the chap that 5 year's ago I was to make 60 payment and if I couldn't remortgage the house that would be the end of the debt. I was never told I may have to pay another 12 months payment!!! My debt was for just over 40k but they are trying me to pay up to 59k. He wasn't very happy with my reply either. What can I do??

Basically nothing. If you look at your agreement the 12 month extension in lieu of equity will be detailed in there and you agreed to this condition.

Regarding the amount, during an IVA you owe the full original debt, plus fees and possible statutory interest. Only at the end of the IVA is any debt unpaid written off.

I had to extend for a further 12 months too when I couldn't re-mortgage. I think it is standard in most terms and conditions, although I wasn't told at the beginning either.

I had to extend for a further year - it is standard at the moment.