alisa wrote:Hi I entered into IVA IN 2013 and I was told that the IVA will be over 6 yrs cos due to equity in my property but it’s high chance you will struggle to remortgage due to poor credit..so don’t worry about it . You will be debt free when I make my last payment .. That was what I was told. Now I am coming to an end of the IVA plan and I receive a letter to get a valuation report so that they can see if there is any chance of equity available for the creditors.. then I have to apply for remortgage and if I’m unable to get the remortgage so does it mean that I have to pay another 12 months of payments or does the Iva plan is closed?..
What does the term say on your proposal and chairman's report ? From the way you describe it above your had a 5 year term, which could be extended for equity. But, in some cases the creditors alter this to a 6 year term, which can also be extended.
All will be in your paperwork.
Some IVAs actually have a based of 6 years with the year extension taking it to 7. This is because some creditors like NRAM insist on 6 year IVA rather than the standard 5.
Look at your proposals and modifications for the answer.
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