Brilliant news - so pleased for you! Thank you - I am so happy as you can imagine! Can i ask if you had to get a valuation for your property and if so did you explain your circumstances regarding the IVA? Personally I got two online valuations (one from Zoopla) and I just found some similar propert...

kallis3 wrote:

Brilliant news - so pleased for you!

Thank you - I am so happy as you can imagine!

Lisa Thomas wrote:

Great news, well done.

Just had confirmation from McCambridge Duffy that my final payment is in fact due in September of this year. I had genuinely got it into my head that this would not finish until next autumn so oh my!! I am sooooooooooooo happy!

Have a really good read of it!! I’ve emailed them and thinking about it - the letters they have sent to me when payment amounts have changed (ie due to a bonus etc) always detail the months left and the last letter I have found from them (at work!) was that there would be 27 payments left from 28 J...

Firstly it is scary as it’s the unknown but it is a weight off your shoulders when it is sorted. You have no creditors chasing you (and if you do - just explain to them that you are in an IVA and they usually accept that). Living through an IVA isn’t easy - you just need to budget and you will manag...

[quote="Lisa Thomas"]i.e you will only have a 5 year IVA.[/quote


Let’s hope! I’ll let you know. I’m not simple honestly lol I’ve just not read my agreement properly have I!

I just assumed what I had was a standard agreement as - to me - it makes complete sense if you couldn’t raise any equity in the fifth year that they would extend it to six :lol: They only extend if there was equity there to raise (over £5k) and you were unable to raise it. If there is no equity (le...

kallis3 wrote:

Should finish on time as far as I can tell.

You mean in October (at the end of five years?) - I haven’t been told it’s six years so maybe I’m just completely confused and got the wrong end of the stick! I’ll check.

I just assumed what I had was a standard agreement as - to me - it makes complete sense if you couldn’t raise any equity in the fifth year that they would extend it to six

I think you have misunderstood what I have said about equity. How much equity is there in your property? You may not have to extend your IVA if you have standard terms and have less than £5k. A valuaiton is probably in order - if you can show you have less than £5k (assuming you have the standard c...

Foggy wrote:

Out of curiosity -- does your equity release clause have a £5k de minimis ?

Yep it does.

kallis3 wrote:

Good news!

Yes it is - at least I don’t have to worry about it now and just crack on with paying the final eighteen months

Happy to say that McCambridge Duffy have responded already - that’s how efficient they are - and I do not have enough equity to remortgage - so payments will continue for another eighteen months - which I’m more than happy with as this is something that I’d thought would happen and had prepared for....

Are you sure the extension clause will kick in? I presume you have 'standard' terms, if so do you have more than £5k of equitable interest? To be honest I just always assumed it would as I guessed I wouldn’t be able to remortgage so I’ve just prepared myself for it being six years. I guess there ma...