Thought my IVA was all over

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john636

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Post by john636 » Sat Jun 20, 2020 5:39 pm
Hi, I’m confused over my IVA, I made my last Payment in December 2019 and presumed that was all done and dusted but now mid June I’ve had an e-mail saying I’ve got more than £5000 equity in my property so my payments will restart in August at the same amount as before.surely it’s not right to leave things for six months and then start again

Foggy

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Post by Foggy » Sat Jun 20, 2020 6:08 pm
No, it's not right but it is better than the alternative of failing the IVA. Addressing equity was part of the original agreement and so has to be dealt with. Your provider should have reminded you long before this but, at the end of the day, it is your responsibility to do as you agreed.

The issue now is whether you agree that there is more than 5K equity --- if not, and you can prove it, this extension will not apply.
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

john636

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Post by john636 » Sat Jun 20, 2020 6:43 pm
Thanks for the reply, I think I will enquire has to how they valued my property because if it was based on local house prices it would be wrong because I live in a second floor maisonette and prices on these are low at the moment,I will keep you posted many thanks again

Foggy

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Post by Foggy » Sat Jun 20, 2020 7:16 pm
Sat Jun 20, 2020 6:43 pmjohn636 wrote:
Thanks for the reply, I think I will enquire has to how they valued my property because if it was based on local house prices it would be wrong because I live in a second floor maisonette and prices on these are low at the moment,I will keep you posted many thanks again
As well as a valuation they would need a mortgage redemption figure. If they have relied upon an online valuation these are notoriously inaccurate.
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
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