IVA keeps being extended

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caroline574
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by caroline574 » Mon Jun 04, 2018 7:01 am
I have been paying my 6 year iva for 7 years and 3 months, now they say another year they keep changing what they say I'm going to stop paying they said the last payment was may 2018 which I paid now they want more, if it fails after the 3 months of non payments will they lift the restricted on my property and will the creditors still come after me, please help.
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kallis3
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by kallis3 » Mon Jun 04, 2018 7:52 am
Why has it been extended - have you had a payment break at all or is due to equity in the house? If your IVA fails the restriction will be lifted but your creditors will start chasing again and could very well add back on all the original interest and charges leaving you worse off. Which company are you with?
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Foggy
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by Foggy » Mon Jun 04, 2018 8:55 am
You need to look at your original proposal --- what is the term proposed in there ? ( A 5 year proposal might mention a term of 66 months -- this is 60 payments and 6 months admin with no payments due).
Then look at the Chairman's Report to see if the creditors altered the term at that stage.

If you are a homeowner the agreed term can then be extended by a further 12 months instead of releasing equity, if unable to remortgage.

Ask them to explain the extensions -- they cannot just make it up as they go along !
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caroline574
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by caroline574 » Mon Jun 04, 2018 1:12 pm
caroline574 wrote:
I have been paying my 6 year iva for 7 years and 3 months, now they say another year they keep changing what they say I'm going to stop paying they said the last payment was may 2018 which I paid now they want more, if it fails after the 3 months of non payments will they lift the restricted on my property and will the creditors still come after me, please help.

I was with dfd but I found out on the internet it's changed but they haven't told me, just feel like it's never going to end, getting me down,
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caroline574
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by caroline574 » Mon Jun 04, 2018 1:15 pm
kallis3 wrote:
Why has it been extended - have you had a payment break at all or is due to equity in the house? If your IVA fails the restriction will be lifted but your creditors will start chasing again and could very well add back on all the original interest and charges leaving you worse off. Which company are you with?

I was with dfd but I see on internet they've been taken over.
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caroline574
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by caroline574 » Mon Jun 04, 2018 2:27 pm
caroline574 wrote:
I have been paying my 6 year iva for 7 years and 3 months, now they say another year they keep changing what they say I'm going to stop paying they said the last payment was may 2018 which I paid now they want more, if it fails after the 3 months of non payments will they lift the restricted on my property and will the creditors still come after me, please help.

Would a lump sum if I can get a loan be accepted I owed 18,000 I pay £116.00 pm paid for 7 years 3 months I just want out, I have me and this is so stressful.
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Foggy
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by Foggy » Mon Jun 04, 2018 2:52 pm
caroline574 wrote:
caroline574 wrote:
I have been paying my 6 year iva for 7 years and 3 months, now they say another year they keep changing what they say I'm going to stop paying they said the last payment was may 2018 which I paid now they want more, if it fails after the 3 months of non payments will they lift the restricted on my property and will the creditors still come after me, please help.

Would a lump sum if I can get a loan be accepted I owed 18,000 I pay £116.00 pm paid for 7 years 3 months I just want out, I have me and this is so stressful.



Why pay anything if you do not need to ? First you need to establish if you should, in fact, still be paying anything!
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