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Davyboy3006

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Post by Davyboy3006 » Tue Mar 05, 2019 6:39 pm
Hello, my Aperture IVA is due to be completed may 2019. I'm worried because they sent me an email saying I will have to release equity from the house or pay another year on the IVA. I've already been paying it since 2011, can they keep putting the end date back and back with no end in sight?

Davyboy3006

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Joined: Mon Jun 04, 2018 9:09 pm

Post by Davyboy3006 » Tue Mar 05, 2019 6:40 pm
Regards previous question, I have just read on the forum q&a that the usual maximum IVA length is 5 years possibly extended to 6 or 7 years depending on circumstances. As my IVA started in 2011 and is still running, am I being conned?
Somebody please help?

kallis3

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Post by kallis3 » Tue Mar 05, 2019 6:44 pm
Merged topics - duplicate.
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

Foggy

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Post by Foggy » Tue Mar 05, 2019 6:45 pm
The key word there is usual --- IVA's can be any length, but usually start at 5 or 6 years plus the possibility of an extra year if you are a homeowner and unable to release equity. They can then also be extended if you have a payment break or arrears mid term, or undeclared income is discovered.

Dig out your proposal and Chairman's Report --- what was the originally agreed term ? Did you have a minimum dividend (repayment) to make, which hasn't been achieved ? Are you a homeowner ? Have you had any payment breaks ?
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

Davyboy3006

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Joined: Mon Jun 04, 2018 9:09 pm

Post by Davyboy3006 » Tue Mar 05, 2019 7:37 pm
Thank you foggy, I have taken no payment breaks but had to reduce the original amount due to long term sickness (cancer) and had to take early retirement from work. My wife and I have a joint mortgage due to be paid off on my old age retirement date 30/06/2022.
Should I now look at releasing equity to be able to pay off the rest of the IVA, or do I keep paying the monthly amount and if so, for how much longer? On my original form it quotes dividend in bankruptcy: 4p in £; dividend in IVA: 13p in £.
Total contribution £12,897, but I can't see a date for equity release as the box is empty. Could I send you a copy of the original draft?

Foggy

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Post by Foggy » Tue Mar 05, 2019 8:23 pm
Most IVAs limit equity release by remortgage to not exceed retirement age or current mortgage term, whichever is the latest --- in your case, both of these are not far off, apparently, so I would imagine the upshot would be a 12 month extension on whatever term resulted from the payment reduction.

I would ask Aperture for a breakdown and explanation as to where they think you are in the grand plan.

There is little I could divine from the original proposal as it would have possibly been changed when the payment reduction took place and, in any event, I am not qualified or licensed to give such specific advice, over and above expressing an opinion.
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
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