What If

[Sleeping Well]

Hi All.. Just one of 100's of questions going through my head.... What if in year 4 my house hasn't increased in value or, more to the point I can not remortgage due to my iva... Will the iva increase by a year to six years or will it remain the same and end after 5 years...

[kallis3]

I can't remember if you are in an IVA or not Sleepingwell. If you are, you need to check your chairmans report and see what it says, if not, then you may find that they will make that a condition. I think the majority are doing that these days.

[c.j]

MY reportstates that if i cannot remortgage then i pay into the iva for another 12 months.

[kallis3]

Mine as well.

[Sleeping Well]

Hi... Yes I am i an iva and make my first payment on Friday... Will have another look through a paperwork tomorrow. What I do recall it says there is a restriction on the property to protect the creditors.

[kallis3]

I think everyone has that.

Depends on how long your IVA has been running as to whether the extra 12 months is in there. I think that's something that has crept in this year. It'll be in your report anyway, and you can always give your IP a ring if it's not clear.

[Sleeping Well]

Hi Jan... thanks for that.... will have another good read and suss it out....

[MelanieGiles]

It is likely that you may be required to pay your monthly contributions for a further twelve months, but as you are only very recently entering into an IVA I am suprised that this was not explained to you more fully by your IP as this is a very important aspect to understand. I suggest that you have a chat with them to confirm exactly what will happen under the circumstances you describe.

[kallis3]

Just realised that you have only just started yours - that'll teach me to read properly!

I think you will probably have the extra 12 month clause in there.