IVA extension and possible remortgage

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1

tina329

User avatar
Posts: 2
Joined: Sat Jun 26, 2021 10:45 am

Post by tina329 » Sat Jun 26, 2021 10:45 am
Hi

I have an IVA that was extended for 6 months as I had arrears. I am now 5 years and 8 months into the IVA and they asked me for the valuation report and redemption certificate a couple of months ago. I have since received an email from them to tell me that my payments remains the same.

How long will I have to wait for them to inform me if I need to remortgage? Is this something they can ask at the end of the 6.5 years? What happens at the end of an IVA - do you just make a final payment or do they do another review? Thanks for any advance you may be able to give me.

kallis3

User avatar
Forum Expert
Posts: 76945
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sat Jun 26, 2021 11:22 am
Have they said if you have any equity? What did the valuation say?
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

tina329

User avatar
Posts: 2
Joined: Sat Jun 26, 2021 10:45 am

Post by tina329 » Sat Jun 26, 2021 11:29 am
Hi, there is equity about £15000 but my IVA provider hasn’t come back to me regarding this just that my payments remain the same. As my 6 years of IVA finishes in May 2022 is this not really late?

Foggy

User avatar
Forum Expert
Posts: 33098
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Jun 26, 2021 11:54 am
I imagine the timing has been messed up by the extension. However, in reality, it is not for them to chase you, although in practice they generally do. You agreed at the start to carry out this exercise, not them.

Anyway --- you now have to wait and see if the extension will apply. When you do get to make that last payment, the case will go to 'closures', who will go through it all, dotting i's and crossing t's before issuing a certificate of completion ( a grand term for a slip of paper ).
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
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”