Evening
I have a current IVA with an agreed amount with creditors of 21. 000.
Up to date I have paid into the IVA 27400.
i have just received a letter from the IVA company saying bthat I will have to release equity in my property to settle the IVA.. s I've already paid in more than the agreed amount , is this correct ?
During an IVA you will always owe the full original debt, plus fees and possible statutory interest. The IVA will continue until such time as this figure is met, or it comes to term, whichever is first.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Do you have any equity in your property? You are unlikely to be able to remortgage but your company may offer you a secured loan. Check your paperwork and see what it says.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk