Assuming i am unable to carry out F&F,i will continue to 60 months.If at this stage i have enough equity but unable to remortgage,i understand i will have to make 12 additional monthly contributions.How will these contributions be determined?ie Will a final I&E review be carried out and the remainder of the debt wiped off at conclusion or will another method be used to enable a greater percentage of the debt to be cleared?
Your extra 12 months will run as the previous term has. You will do an I&E and the payments determined then. It may be that you carry on paying the same amount that you have done before.
At the conclusion of the extra time the IVA will be completed and the remaining debt written off.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I wish I was at the end! I've got almost three to go as we will have the extra 12 months!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
