I started my IVA in Nov 2009 and now in my final year. There has been a few months during my arrangement that I havent been able to make the full amount and by agreement it has been added to the the end of my arrangement. Recently I was asked to release equity in my property to which I couldn't and as a result I have been told that I need to pay for another year. Should my agreement finish a year from when I started it (ie Nov 2015)or can they add it onto the end?
I am sort of in the same boat. I have about 2 months arrears on my payment and was told I must add this to the end of the term. Any extra year in lieu of equity would be added to the revised term.
This really depends upon the wording of your IVA proposal, Helen. How much has your property been valued at, and how much do you currently owe on your mortgage?
