www.iva.co.uk

Paid 5 yrs & not heard a word from my ip company so rang today & they have asked for my yearly mortgage statement to be sent to them. I have not been contacted about equity. So has anyone any idea what will happen next?

If you own a property the equity will need to be looked into and will be dealt with according to the agreed terms in your proposal. This might result in an extension if the equity is over £5k and you cannot remortgage ( which is usually the case).

Thanks foggy. We have no equity, on interest only mortgage & house worth what we owe. Will we still have to have it valued? I've read through my paperwork & it's says this should have been dealt with 6 months from my via finishing?

We never ha to have property re valued In the final 5th year , everything was re accessed with review and was handed an extra 12 months sentence , sorry , meant .extension !!!

Was no increase in our monthly payment , Cf even allowed us to obtain vehicle finance through moneybarn because of car problems ... obviously on the understanding that this would not interfere with iva payments ... and was obviously at a higher rate ...

You should contact them and get the answers you need ...

Thanks Rob, I've got my yearly mortgage statement ready to send & will see what they come back with. Was expecting to have to pay another year!!

They have to go through the valuation exercise to satisfy themselves there is no equity -- then the IVA should close --- no equity = no extension. But do check your own equity release clause in case you have a rare agreement that says otherwise! Yes, this should have been addressed in month 54 but the onus is actually on you to deal with it and prompt the IP if needed. Nit picking, I know, but most clauses are worded along the lines of " at month 54 the debtor shall obtain ..... etc .... " , not, "the IP should obtain". That all said,they were remiss in not picking it up earlier.

The other thing is that, if they do their own valuation, it is usually Zoopla or another online company so don't take their first valuation if it is high. Do your own if you need to.

Thanks foggy & kallis. Will update on here when I know more.

I remember that was a massive worry at the beginning of the iva , thinking your going to have to re mortgage to settle the remaining debts

Again , was a huge relief when was told a further 12 months instead , not that that was ideal but better , and after 5 yrs the extra 12 months seemed pleasing !

Hopefully they will be satisfied with what you send them but you might need to arrange your valuaiton to challenge their own equity calculation.