My partner is in an Iva ( his name only) formerly with DFD now with aperture , I contacted Aperture today as had no idea DFD were no longer in business no letters etc . The Iva started in 2011 & is due to end in December 2018 but have been informed I will have to try & remortgage (joint mortgage) our full debt was £27500 we have paid to date £18000 I’m am now in a panic as I thought the end was insight ! Our house is worth £140,000 with a £90,000 mortgage . I feel very uneasy about this as aperture had to dig to find information & said the Clause is in the original drafts but not showing in more recent paperwork ! Just feel the light at the end of the tunnel has gone dim again many thanks
First ... why was the IVA over 7 years ? They are normally 5 (with an extra year if a property owner), sometimes 6 (if a low dividend or NRAM is a major creditor) again with the potential for the extra year, but rarely 7 (with an extra year ??).
The paperwork that is relevent is the proposal presented to the creditors at the initial meeting, the Chairman's Report of that meeting and any variations YOU might have agreed to since .... what does that say ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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