7th year??

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Post by simon161 » Sun Feb 23, 2020 9:26 am
Hi, I’m a self employed carpenter, I originally put in for a 5 yr Iva , however this was extended on application to 6 yrs . I now have 3 payments to go until my 6 years are completed, however I’ve received a request to re- mortgage as I have more than £5k equity in my property( there was more than 5k when I took Iva out)and was unaware of this. They are now saying that I may have to complete a 7th year.i have never missed a payment and I’m not in arrears.... would a early settlement payment be accepted?ie sprout loans. Regards Iva confused. Com


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Post by Foggy » Sun Feb 23, 2020 9:35 am
The obligation to release equity or extend a further year is in your proposal and is standard for home owners, regardless of the initially agreed term. But, yes, you can offer up a lump sum instead and some here have used Sprout. This will still, however, depend on your ability (or inability) to remortgage, as that is the agreed plan: attempt to remortgage and extend if that fails.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Lisa Thomas

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Post by Lisa Thomas » Tue Feb 25, 2020 12:35 pm
Do you know the original proposed timescales were increased to 6 years? Were NRAM one of your creditors as they are known for insisting on 6 year IVAs.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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