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 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
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.
katherine682 wrote: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
They only extend if there was equity there to raise (over £5k) and you were unable to raise it. If there is no equity (less than £5k) the equity release clause isn't triggered and the IVA will end at the 60th month ( in the case of a 5 year IVA).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
katherine682 wrote: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
They only extend if there was equity there to raise (over £5k) and you were unable to raise it. If there is no equity (less than £5k) the equity release clause isn't triggered and the IVA will end at the 60th month ( in the case of a 5 year IVA).
Oh! I didn’t know this. Thank you. I’ve sent them an email. Hopefully then I’ve completely got the wrong end of the stick and it ends this year. Fingers crossed mine is standard and this applies.
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’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 July 2016 so that means it will finish this year. Oh I hope so!
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!
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
Great news !