Hi I'm entering an iva not signed any documents yet I have a have a joint mortgage and my ip has told me my iva will be over 72 months as I won't be able to release equity as my partner won't agree when I'm asked to do it is this true as I don't want to release any equity I want to make sure this is correct before I sign anything
I have seen this done before --- as long as it is mentioned as such in the body of the proposal, stating that equity release has already been taken care of by the additional 12 months, and creditors go on to agree there should be no issues.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Currently have a problem with out IVA with the same thing. Originally set up with Grant Thornton / Aperture in June 2016. We made it clear in our proposal that my wife would not agree to a remortgage or raising of any funds from the property and as such, would offer an extra twelve months extra payments to purchase the equity. This took the IVA into a seventh year. When the IVA was approved, a clause was inserted that stated "equity would be dealt with in line with PCIVA guidelines if the equity is not realised in the first twelve months". At the same time, the seventh year payments is recognised under "Asset realisations in the arrangement are payable from : 12 monthly contributions of £189 to purchase equity"
Jarvis are now saying that remortgage of the property must be investigated due the clause regarding the PCIVA guidelines.
My interpretation is that the equity is being dealt with in line with the guidelines as it has been agreed to extend the six year IVA by twelve months of payments in lieu of equity release.
Not sure where I stand ?
Sorry to hijack the thread and will gladly start a new thread if needs be.