Light at the end of the tunnel

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Steeddie
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by Steeddie » Thu Oct 19, 2017 8:22 am
I’m pleased to say I have only got 5 more payments.
It has been confirmed that my equity clause has been satisfied as under £5000 equity in property.
I am finally feeling a weight has been lifted.

It would of been my last payment last month but I ended up in arrears.
My question is my arrangement was extended for 6 months to pay off the required amount does that mean that I will have another review and any additional income will need to be payed or am I just paying of that arrears amount so when I reach that figure that’s it the end of the IVA

Thanks
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Foggy
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by Foggy » Thu Oct 19, 2017 8:26 am
While you are making payments additional income should be treated as usual during your IVA. You are also bound by all the other terms.
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kallis3
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by kallis3 » Thu Oct 19, 2017 8:27 am
Good news!! You may have another review but not too sure about that. One of the experts will be along shortly.
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Keith White
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by Keith White » Thu Oct 19, 2017 8:51 am
I guess the annual review will still happen if it falls due (ie 1 year since the last one). As Foggy says - all terms of the IVA still apply. But very good news on the equity and the end is in sight!
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Steeddie
Posts: 57
by Steeddie » Thu Oct 19, 2017 8:59 am
Keith White wrote:
I guess the annual review will still happen if it falls due (ie 1 year since the last one). As Foggy says - all terms of the IVA still apply. But very good news on the equity and the end is in sight!


Thanks.
The end will only be 6 months after the last review
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Steeddie
Posts: 57
by Steeddie » Thu Oct 19, 2017 9:00 am
Foggy wrote:
While you are making payments additional income should be treated as usual during your IVA. You are also bound by all the other terms.


Thanks again foggy
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plasticdaft
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by plasticdaft » Thu Oct 19, 2017 9:36 am
Great news indeed.

A review is unlikely but if there is one carried out it shouldnt delay matters.

Well done on getting to the stage you are at. The tunnel is indeed opening up!!

Paul
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