If there is no equity ?

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josu

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Post by josu » Thu Sep 23, 2010 5:59 pm
My iva is for five years with the possibilty of a sixth year depending on equity in my house. If there is no equity to release, should my iva finish at the end of year five?
 
 

kallis3

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Post by kallis3 » Thu Sep 23, 2010 6:09 pm
I think most of us are resigned to paying an extra year - has to be better than taking on a remortgage.
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
 
 

plasticdaft

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Post by plasticdaft » Thu Sep 23, 2010 6:34 pm
If there is no equity there then it in theory could be argued that your iva should end at month 60. If there is equity but you can't release it the extra payments in lieu may be required. Its all down to minimum returns etc.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

kallis3

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Post by kallis3 » Thu Sep 23, 2010 6:52 pm
I think it depends on when your IVA was approved as well.
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
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