Essentially -- at month 54 you need to get the house valued and work out if your share of equity is more than £5,000. If it is then you should attempt to remortgage to release equity. If this fails, as it usually does, the IVA will be extended by a year. Some companies try to push you down the secured loan route, which, unless your IVA started after 2014, they cannot usually force you to do.
If it does apply you will likely have your IVA extended for 12 more months of payments as Foggy states.
Sometimes it's possible to offer a 'full and final' sum (if for example you are able to raise funds somehow). It's always worth weighing up all of your options.
Cookie wrote:Ok thanks for replying all. How can we remortgage though if in a iva didn't think it would be possible?
Years ago when lenders were being more "optimistic" it was possible. During the last few years, impossible and, lately, highly improbable ......
The market is changing all the time ( which is why the clause remains in the proposals ). Currently, however, a few IP's don't even require you ti produce evidence, but most do. You need to see what your own IP requires.
Do not be bullied and ask them to explain any figures they have used.
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