Just when I thought it was all over......

[SometimesTina]

As I approach my 60th and final month in my IVA, I am now told that there is not enough equity in my home to release the £18000 for the final payment into my IVA.

My IVA term has now been increased by another 12 months.

Although this saves me some £12000 in real money, I am pretty gutted, as wanted to be free of this millstone once and for all.

I am sure, however, that others find themselves in a similar situation.

[Waltons]

Oh god, how frustrating for you. Like you say, I'm sure there are others that have gone through the same but it must be soul destroying when you thought you were near the end. Still, this time next year, it should all be over for you. Hang in there.[:)]

[SometimesTina]

That's it!!

12 months to go (again!)

[Shining]

It should fly by I'm sure, I'm half way through and to be fair it's flown by this far. Hope it goes smoothly for you x

[New start]

Think of how fast the last 12 months have gone.

Then think how you will feel this time next year with all that equity still in your home! Not so bad really x

[MelanieGiles]

Twelve months extra IVA payments is better than 20+ years on an increased mortgage. You will be pleased this happened to you in a year's time - especially if mortgage interest rates rise.

[SometimesTina]

Thank you Melanie

[kallis3]

We have the equity, just won't be able to remortgage. We're resigned to the extra 12 months.

[Skippy]

Personally I would rather pay the extra 12 months than have an increased mortgage.

[SometimesTina]

Yes Skippy, I do agree. I just wanted it done and dusted, but in the long run, its much better.

PS. Your quote about the river I saw on holiday in a restaurant in Turkey. Very deep, but true.

[mole]

It is going to be another 4 years before we get our mortgage quotation so hard to know what house prices will do in that time. If there is only a modest increase I think there will be little or no equity so I may escape the extra year. If house prices rise by 10% on current prices (which I think they will), I am resigned to an extra year.

Congratulations SometimesTina for coming this far, you really are on the final countdown now.

[SometimesTina]

Cheers Mole xx

[Dominic]

the year will fly by and then its all over.....

[Isis Black]

oh i know we'll get the extra year on the end as there will be no chance of us remortgaging as funds are stretched as it is!
were one year in now so im expecting another 5 years of our IVA but rather that than than a crazy high mortgage especially if interest rates go up soon :-s