Hi, my husband and I have been in an IVA since August 2013, It says on our portal the final payment was January 2020. We were also in arrears £3440 as in the middle of the IVA the company switched and it seems they miscalculated our annual review amounts. After a re review they reduced the arrears to £1450.50 ! We have just paid this arrears to the account and as far as we are aware this is finished now?? However we have an email now stating that there is an equity review outstanding ? I am 61 and remortgaging is probably not viable for me but the main advice I need is, shouldn't they of contacted me in our 5th year (original agreement of 60 months) about this equity review? and then decided whether to either release equity to pay off the amount left or continue to pay for another 12 months? Its been like 6 and a half years now and the total amount due has been paid... im not sure what they want from me now?
Equity should be investigated for possible release or a 12 month extension at or around month 54. Although, in practice, the IP usually instigates this procedure, the responsibility for it is yours --- you are the party that agreed to do it and it is your responsibility to see it done.
I am afraid that it will have to be done now, before the IVA can be closed. This might result in a release of equity, or in another 12 payments to the IVA.
First you need to calculate if there is more than £5,000 worth of your share of equity, to trigger the clause in the first place. If so then you will need to investigate release. I suspect that you might be with CF or Aperture, in which case they will, most likely, appoint Select to look into this for you --- which is a good thing as Select are very reputable and a lot easier to deal with than the IVA providers themselves.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
