I have paid 7 yrs off my Iva. They now say there is enough equity in my house to pay creditors full amount due (21,000). My bank won’t remortgage because of credit history. They are now saying I must sell my house. I am a single parent with 3 children at home. Can they do this
Not if you have the standard terms and conditions. Read your proposal under "Equity Release". Normally if you cannot release equity the term is extended by 12 months. Why have you paid for 7 years ? Again the usual term is 5 years (sometimes 6) which can get extended for equity release purposes ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
As Foggy says check your proposal to see what was due to happen with the property.
Also, what was the original term of the IVA meant to be? Most standard ones are for 5 years with a year extension in lieu of the equity.
IF your \IVA has been extended already for the equity then they cannot now repossess it - they cannot have it both ways and can only have what was accepted in your IVA T&Cs (unless you are in breach and it fails).
