I am a few months into yr 6 (nram) of iva with payplan. Just received letter re equity. I was told on initial setup not ro sorry as there would be no equity so iva would end yr. 6.
My Q is can i ask for a copy of original chat with the practitioner? I dont want to extend another year. I feel this was wrongly sold to me.
Many thanks for any help.
You can request this, whether it would be forthcoming I have no idea. As you guess, this was wholly incorrect advice as, apart from anything else, no-one could guess what the equity position would be in 6 years time ! My guess is that there might well be equity, unless you are well into negative equity at the moment, and you would have to attempt to release this or extend another 12 months.
You can lodge a formal complaint with Payplan and, if this gets you no-where, you can escalate this to their regulators. However, this would not now release you from the obligations of the IVA which, regardless, you read through, agreed and signed at the time.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You could request a copy of the conversation to see if this was indeed said. As Foggy says it is impossible to guess how house prices will go in the next few years so such a definite statement would be rash. If there is no equity now and indeed huge negative equity did you consider bankruptcy?
