Hi I am in my last year of the IVA and I’m now being asked to remortgage my house. Is this normal? I have tried to do this and have been turned down by several vendors now. The IVA company are now wanting to extend my IVA by a further 12 months. I am bewildered as I was looking forward to being free of this!.. is this normal practice and why extend this?
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
As already said this is normal
standard procedure at the end of IVA and would have been explained and detailed in your terms which you signed before IVA commenced.
If your share of equity in property is over £5000 you must try amd release some funds from equity in form of remortgage (or secured loan if stated in terms). If you cannot release funds you pay an additional 12 months payments in lieu of equity.
Look back at your proposal for full detail but it is normal practice.