i have paid my iva for 6 years. i lost my job and they granted me a 6 month payment break due to this.. During this time, Debt Free Diredt changed companies to Apature which I was not aware of. After some months over the 6 i was contacted to say i was in defeault of payment. I paid what I could afford and have sent in a change of circumstance form (for the 3rd time). my debt was 26,000 and im down to around 3,000 and after all this they are saying I need to re-mortgage to pay it off. Any advice truly welcome please
A remotgage is as agreed in your proposal ---- if you are unable to remortgage there will be a 12 month extension on your IVA. This clause only kickwes in if your share of equity exceeds £5,000. The Debt will not be cleared until the full original debt is paid, along with fees and possible statutory interest. so a bit more than £3k outstanding.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk