HI i have just payed my 60th month of IVA , and am confused because i was suppose to ask for a remortgage at 54 months which ive failed to do but also it wouldnt have been accepted anyway as i dont earn enough to borrow more. Do you think theyre are going into the 6th year anyway which is fair enough and then that will be the end of it? Very worried ...
It is your responsibility to make sure that this is done and I would suggest that you contact your IP right away. Bear in mind that we are currently under revised arrangements due to Covid --- if you have a Protocol compliant arrangement. Have a look here: https://www.gov.uk/government/publicati ... a-protocol
You will see that, at the moment, IP's are advised to proceed direct to the 12 month extension, rather than jump through the remortgage hoops --- unless the client wishes (or if there isn't more than £5k equity to trigger the release provisions anyway.
It is possible that they have done the calculations and decided that the extension does not apply, or they have done them and decided to go straight to the extension --- either way it demonstrates a sorry state of affairs regarding communication. Of course, they could simply have forgotten and it will come to light and still have to be dealt with later.
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