I was told my IVA would be for 5 years

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julie129

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Post by julie129 » Tue Feb 04, 2020 8:45 pm
I was told I would pay this debt for 5 years yet I near the end term and now they say it’s needs reviewing and may have another 12 months to pay or a remortgage please explain why this is as I have paid well over half my original debt? Thanks

kallis3

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Post by kallis3 » Tue Feb 04, 2020 8:46 pm
Do you own house? Check your paperwor,
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 Feb 04, 2020 8:51 pm
If you are a homeowner it is a standard clause in the IVA that you attempt to release equity at month 54, Failure to release results in a 12 month extension instead. This is all in the proposal that you agreed to at 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
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Lisa Thomas

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Post by Lisa Thomas » Wed Feb 05, 2020 9:43 am
It's highly likely to be connected to equitable interest you have in your property. The standard minimum is £5k.

Assuming you have the clause you will want to get a valuation and redemption statement/s from any chareholders (mortgages) to calculate your equity to see if the clause will 'kick in'.

My short video here explains it:

https://youtu.be/PHfc85n39U4
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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