when will the 4th year IVA clause come into effect ?

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l243

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Post by l243 » Thu Sep 11, 2008 1:43 pm
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Hi coming up to the end of my 3rd year, will the 4th year clause came into effect this year or later on. alos tired into mortgage untill 2010 december
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Lisa2009

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Post by Lisa2009 » Thu Sep 11, 2008 1:54 pm
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Hi and welcome

You will probably be asked to look into remortgaging at the end of year 4/beginning of year 5.
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Sensible77

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Post by Sensible77 » Thu Sep 11, 2008 2:12 pm
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My IVA is with PayPlan and the Chairman’s report says that I will be required to remortgage in the 4th year. To me that means from the first day of the 4th year onwards i.e. 3 years and one day.
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Sarah Nancollas

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Post by Sarah Nancollas » Thu Sep 11, 2008 2:19 pm
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Depends on the wording of the clause (and any modifications) but it would usually mean the final 12 months of the IVA
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Rainbow

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Post by Rainbow » Thu Sep 11, 2008 6:12 pm
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Mine says in month 54 I have to try to remortgage.....
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MelanieGiles

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Post by MelanieGiles » Thu Sep 11, 2008 6:16 pm
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If you have a "fourth year" clause, then it means that from any time from the first day of that year to the last day of that year you have to comply with the provisions of the clause.

Under current IVA protocol, the trigger point is month 54.
Regards, Melanie Giles, Insolvency Practitioner
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