at the end of 60 payments and in your original agreement you have been asked to remortgage, what if you don't have enough equity in the property to remortgage but could possibly borrow a small sum from a family member to make a full and final settlement instead of paying for a further 12 months
What does your paperwork say? Nowadays protocol is that if there is no equity no further payments are required. Do you have a minimum dividend to reach? If not the IVA may well finish at 60 months.
Commonly people are asked to pay another 12 months when they have equity but can't remortgage.
The road is 72months long starting September 2010.
You can ask your supervisor - I think most of us will either be in the position not being able to get a remortgage or having to carry on so it's worth a try.
Check your paperwork - if you've less than £5k equity then it is usual for your IVA to conclude after 60 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
