My iva finished in August but creditfix are now saying I have to remortgage my house to release equity to pay my debt in full. Can they do this as my understanding was I paid for 5 years then the debt was written off and my credit score would go back to nil. Please help?
If you have equity in your house you will probably be expected to release some of this or carry on for a further twelve months. It won't be your debt in full and CF need to explain this to you. It should have been addressed before now.
I would also check what it says on your original paperwork.
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
You are obliged by your agreement to attempt to release equity at month 54 --- this was overlooked and does still have to be dealt with. Creditfix tend to try to do things their own way (for their benefit, not yours), but there are, currently, Covid-19 Guidelines issued ( see here: https://www.gov.uk/government/publicati ... a-protocol ) which IPs are supposed to follow. In these guidelines the default position is , at present, to forget attempts at equity release and simply extend by 12 payments. You do not have to repay debt in full.
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