IVA supposed to finish this October

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lisa144

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Post by lisa144 » Mon Aug 24, 2020 5:51 pm
We have had an Iva for 5 years and have got it in black and white we are to finish in October and they reduced the payments and just last week they wanted to know about our mortgage and house price and today got an email to say we have to pay another 12 months why weren't we told this and now at the 12th hour they say we've signed t&cs but why say we have finished in October 2020

Foggy

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Post by Foggy » Mon Aug 24, 2020 6:13 pm
The standard term finishes in October and it would have been achieved by releasing equity from your home ( this is all in the proposal that you signed). However, they have deemed that you would probably not be able to release this equity and the default alternative ( as also contained in your proposal ) is a 12 month extension to the standard term. as per your agreement.

What figures did you give them for outstanding mortgage and current house value ? Do these indicate equity in excess of £5,000 ( which is the trigger amount for the release clause) ?
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IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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lisa144

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Post by lisa144 » Mon Aug 24, 2020 6:30 pm
My argument is why they put the payments down and we have it in black and white we have finished our payments in October 2020 they should have kept the same payments and said there was another 12 months to pay they are in the wrong by not telling the truth

kallis3

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Post by kallis3 » Mon Aug 24, 2020 7:50 pm
Have you checked all of your original paperwork? It should all have been on there.

Your payments would probably have been lowered in line with your I&E.
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