YEAR 5 & 6

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GYMBUNNY
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by GYMBUNNY » Mon Jun 19, 2017 10:05 pm
Hi .

Sorry for the lengthy message but trying to get clarification and seem to be getting nowhere .
Our 5th year anniversary should be April 2018 but due to my wife having cancer (thankfully now 3 years in remission) we had to take a payment break so our 5th year will end November 2018. Please could someone advise what the process is for the 6th year as we have equity in the house, as very unlikely any lender will allow a remortgage whilst the IVA is on our credit records.Just a note although our we had a payment break of 6 months our annual review date is always April, they never moved to November.
We presume there will still be an annual review done In April 2018, but will that be the last one, IE whatever the reviewed payment is set at we continue to pay this right up until the end of 6th year in November 2019, or will we be reviewed again in November 2018 which will be the start of our 6th year. We are just trying to get confirmation of what the process is, as having spoken to a several people at our review this year seemed to get conflicting answers. One lady told us we will be reviewed in April 2018 then no more reviews, that payment would remain the same without any further review up to end of the 6th year, then someone else told us we would be reviewed, April 18, November 18 and then again April 19 but surely this isn't right if the last payment due is Nov 19?
I know we're a way of yet but would appreciate clarification on the above just so we are fully aware on the process, we have read through all paperwork given at the start of the IVA but this doesn't factor in a payment break.
I have emailed our IVA company so we have something in writing but just interested to hear other peoples views.
Many Thanks
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Foggy
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by Foggy » Tue Jun 20, 2017 6:58 am
You might well be getting a 12 month extension if your equity triggers the release clauses, so the timetable would be:


Month 54 property valuation exercise
Original end -- April 18 -- review april 18
Possible extension to April 19 due to equity ---- review April 19
Extension to make up break --- end November 19 with a final review.
GYMBUNNY
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Joined: Wed May 17, 2017 7:18 pm
by GYMBUNNY » Tue Jun 20, 2017 7:10 pm
Thank you, i thought that may be the case but didn't realise they did a final review even at the end of the IVA. With regards to the equity release what is the likelihood of any lender allowing a remortgage?
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Foggy
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by Foggy » Tue Jun 20, 2017 7:23 pm
GYMBUNNY wrote:
Thank you, i thought that may be the case but didn't realise they did a final review even at the end of the IVA. With regards to the equity release what is the likelihood of any lender allowing a remortgage?


At the moment very slim -- but the market is forever changing.
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