My IVA is coming to a end

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

laura490

User avatar
Posts: 1
Joined: Sun Dec 02, 2018 5:33 pm

Post by laura490 » Sun Dec 02, 2018 5:33 pm
My IVA is coming to a end and has been taken over by a different company. My proposal was for 72 months because of no equity. The new company are wanting me to realise equity or extend another 12 months. On the 1st march 2019 I will have paid 78 months. Can I refuse the extra year as I have paid £10,000 over what they originally agreed and 50% towards my debit. I can't pay for another year and feel mislead and miserable.

MerlinL14

User avatar
Posts: 1626
Joined: Sun Oct 30, 2011 2:44 pm
Location:

Post by MerlinL14 » Sun Dec 02, 2018 5:50 pm
Check the wording of your original proposal, the new company HAVE to abide by what was agreed on the outset of the IVA not just make stuff up to make it easy for themselves.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

kallis3

User avatar
Forum Expert
Posts: 74815
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sun Dec 02, 2018 6:25 pm
I agree with Merlin - check your original paperwork as they cannot force you to do anything else.
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

Foggy

User avatar
Forum Expert
Posts: 29220
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sun Dec 02, 2018 7:29 pm
As said -- check your proposal and Chairman's report. If the term was agreed at 72 months (with the extra 12 months instead of equity release, it will say so. There should also be no equity release clause in the agreement.

Out of interest was NRAM (Northern Rock) one of your creditors ? Thjey used to routinely extend the term to 72 months, but still had the 12 month extension, making them 84 month terms.
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

lynda

User avatar
Posts: 5
Joined: Tue Nov 14, 2017 8:20 pm

Post by lynda » Sun Dec 02, 2018 9:22 pm
laura490 wrote:
My IVA is coming to a end and has been taken over by a different company. My proposal was for 72 months because of no equity. The new company are wanting me to realise equity or extend another 12 months. On the 1st march 2019 I will have paid 78 months. Can I refuse the extra year as I have paid £10,000 over what they originally agreed and 50% towards my debit. I can't pay for another year and feel mislead and miserable.
My iva proposal was for 72 months but i had payment breaks so that took it to 81 months last payment was in april heard nothing from the iva company for 6 months untill now. The new company are wanting me to release equity or extend for other 12 months i started my iva 2011 i have offerd a f&f payment so fingers crossed they except the offer to be honest i dont understand it all i also feel miserable wish it was all over xx

Shaun Vickery

User avatar
Industry Expert
Posts: 819
Joined: Tue Feb 12, 2013 8:32 am
Location: United Kingdom

Post by Shaun Vickery » Thu Dec 06, 2018 1:10 pm
It could be that there's a simple misunderstanding with your IP. If your IVA has already been extended in lieu of equity, because you were unable to re-mortgage, or was set at 72 months at the outset in lieu of equity then there shouldn't be a need for you to extend any further.....unless the extension is for some other reason. As already suggested, check your paperwork as it should be clearly set out.
Highly Commended at the British Mortgage Awards. For individual mortgage advice go to http://clients.theselectpartnership.co.uk/
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”