www.iva.co.uk

My IVA is due to end in August 2021, after 6 years and 6 months, due to a few payment breaks and extension due to change of circumstances. I handed in my annual I&E review in March 2021 and have heard nothing back, is this normal in your final year? And do I just carry on paying my normal amount until August? Many thanks

Chase them up about your annual review and also get them to confirm via email that your last payment is August.

As Kallis suggests, I would give them a gentle nudge to try to get all your ducks in a row sooner, rather than later.

Agree with others, contact now and ensure you get it confirmed final payment is August ...well done for getting to this stage on your journey.

Thank you for your replies. I emailed the IVA company and the response I got was that they would have to do an equity review. I really don’t understand as I don’t owe the property I live in. It’s in my partners name and has been for well over ten years. My original IVA was taken over 6 years not the standard 5, I thought they had added this extra year due to the fact I wouldn’t be able to do an equity release. Can they make my partner release equity from his home even when the house is solely in this name?

Many thanks

Some IPs take the view (mistakenly) that you might have acquired an equitable interest in the property by virtue of your relationship. This is the case and view taken in marital cases ( divorce and separation) and, in those cases, it takes a court to decide and rule -- it is far beyond your IP's gift to do this and he would be acting ultra vires.

Thank you for the reply. We are not married but do have children together. So from what you are saying it’s not within there power to do this? Also could they extended the IVA by another year? I’m very disheartened at the moment I thought the end was in sight, the past 6 and half years have been stressful and especially this last year, like for so many.

Many thanks

It is just my opinion that the question of your interest in the property is beyond his authority -- I am not trained nor qualified in the subject.

As for the extra year added on at the start; the reasons they did this should be explained in the Chairman's Report of the initial meeting ... a copy of which should have been sent to you at the time. There are several reasons that an extra year is added, amongst others they include the extra year in lieu of equity (which means they need not be looking at this now), a very low payment level and they wish to increase the amount of debt paid, or, back in the old days, if you had a loan from NRAM (Northern Rock) as this was a common request from them.

Also --- read through your proposal and see exactly what it says about equity or the property and do you actually have an equity release clause in there anyway --- possibly it will say nothing, in which case it could just be a mistake made by whoever is dealing at their end.