Payment break extended IVA from 5 to 7 yrs and equity in property

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jan680
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by jan680 » Wed Jul 26, 2017 12:23 pm
I am in an Iva I had payment breaks which resulted in extending the Iva from 5 yrs to 7 I am coming to the end will I still have to check if we have equity in the property? Thank you.
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Foggy
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by Foggy » Wed Jul 26, 2017 12:50 pm
Yes. This should have already been done as per the original terms (probably in month 54) unless the clause was varied.
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Michael Peoples
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by Michael Peoples » Wed Jul 26, 2017 1:02 pm
If the extensions were solely for payment breaks the equity release condition would have normally been put back to six months before the new end date. It may have been done already so speak to your own IP.
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luluj
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by luluj » Wed Jul 26, 2017 11:37 pm
As others have said the equity clause is still valid and will need to be progressed if not already done so.
Good luck with the remaining part of your iva journey - you are nearing the end now !
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