The amount repayable to my creditors at the start of the IVA was 62%of the total debt. In a recent statement from the IVA company they show a calculation of 60 payments of £1001 and £7912 to be raised by remortgage. With increased payments along the way and excess salary paid into the IVA, I have calculated the outstanding amount to be nearer £2500. As it is virtually impossible to remortgage these days can my creditors still insist on a further 12 months extension to the IVA ?
If there is an equity release clause in your proposal relating to an extension then yes they can - it will be up to 12 months depending on what is needed to make up the balance expected. Speak to your IP if you are unclear what clause you have in your proposal.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
you always owe the full amount of your debts until the end of the IVA so dont get caught up into thinking that as you were expected to return 62p/£ thats all you suddenly owe. Its a fact that isnt particularly made clear at the beginning all too often.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I think there has been some misunderstanding or miscommunication. The amount repayable to your creditors at the start of your iva was 100% of the debt...the write off happens at the end once you have repaid as much as you can during the agreed term. The 62% is only an estimate of what the creditors could expect to receive.
