I am currently in an iva which is 6 years startin 2013. can another year be added on at the end? my debt is 19000 and I was orginally told I would be paying back 100p to the pound. now its 88p to the pound because of running fees of the iva. I was told I may need to pay for another year to get it back to 100p or money might come out of the house. is this allowed? I was with dfd now its with aperture. I was told at the beginning my house would not be affected by the iva or also my wife as we share the house. I have been paying back all payments agreed since the beginning and now feel the goal posts are being moved. I will have paid back more debt that has been submittd by the creditors but yet I may still need to pay more.
There will be a standard equity release clause in the agreement you signed --- the house, as such, isn't affected, but the lending on it might be, in that you are to try to release equity, if your share of that equity is over £5k. If unable to release any equity they will extend the IVA by 12 months.
Equity release is not dependant on the dividend and isn't to bring you back to 100% --- but, if you hit 100% before the end of the extension the IVA will stop there.
Why was the term set at 6 years from the start ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
c wrote:I am currently in an iva which is 6 years startin 2013. can another year be added on at the end? my debt is 19000 and I was orginally told I would be paying back 100p to the pound. now its 88p to the pound because of running fees of the iva. I was told I may need to pay for another year to get it back to 100p or money might come out of the house. is this allowed? I was with dfd now its with aperture. I was told at the beginning my house would not be affected by the iva or also my wife as we share the house. I have been paying back all payments agreed since the beginning and now feel the goal posts are being moved. I will have paid back more debt that has been submittd by the creditors but yet I may still need to pay more.
I had some debts to pay to family and had lower monthly payments at the beginning of my iva. I will end up paying back in told 26k when my debt was originally 19k and as it stands the debt is 15k because of creditors summited lower amounts. I don't understand how this can happen when I've been paying what I should be paying.
c wrote:I am currently in an iva which is 6 years startin 2013. can another year be added on at the end? my debt is 19000 and I was orginally told I would be paying back 100p to the pound. now its 88p to the pound because of running fees of the iva. I was told I may need to pay for another year to get it back to 100p or money might come out of the house. is this allowed? I was with dfd now its with aperture. I was told at the beginning my house would not be affected by the iva or also my wife as we share the house. I have been paying back all payments agreed since the beginning and now feel the goal posts are being moved. I will have paid back more debt that has been submittd by the creditors but yet I may still need to pay more.
I had some debts to pay to family and had lower monthly payments at the beginning of my iva. I will end up paying back in told 26k when my debt was originally 19k and as it stands the debt is 15k because of creditors summited lower amounts. I don't understand how this can happen when I've been paying what I should be paying.
As I said, it is a standard clause for all those who are home owners, and will be explained in your proposal, being one of the terms you agreed to.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Agree with Foggy - you should read your paperwork and you will always owe the total amount owed to creditors - not just your agreed IVA sum. plus fees
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Your dividend is normally an estimate at the start so your IVA cannot be extended simply due to the dividend amount changing, unless your terms guaranteed a minimum dividend.
A 6 year IVA with a year extension possibly making it a 7 year IVA is a bit rare however some creditors, like Nram insisted on modification that changed the standard term from 5 years to 6 years.
