www.iva.co.uk

Hi can anyone help please,

my husbands iva will finishes in feb 2011 and so would mine,
but because were having difficulties getting a remortgage for the 4th year claues the may ask me to do a further year, will they expect my husband to pay towards it as his iva will have finished,

He is paying £500 a month
I am paying £175 a month

And we need to find £12900 for remortgage

donna

I dont think it would matter as long as the money is raised.

Sorry i misread your first post.

Have you checked both proposals to see what it says about the remortgage?
There may be something in there that would explain.

If not, a quick call to your IP should set your mind at rest one way or the other.

Hi

Yes mine say that the can make me pay another 6 months,
its just we were wondering is because my husbands would
be finishes will they ask him to pay is £500 in to mine

donna

I'm surprised that it doesn't say the same on his.

I would check with your IP as to exactly what the position is with regard to this.

Thanks

Yes we have looked and it say on both 6 months we think
wish we really could understand it.

so do you think because his has finished the will say he
can pay his payments of £500 a month in to mine,

We are happy to do that if thats what the want we just
wondering were we stand with it that all.

Donna

Has his finished now?

If you could post on here the exact wording, im sure one of the resident IP's would be able to explain.

no his ends feb 2011 and i will go get them and try

thank you

ok sorry i got a little confused there x

Hi

you cant be any more confussed then we are LOL X

Donna

If you can find your paperwork, post the exact wording on yours and hubbys with regards to the remortgage and im sure somebody will be able to make things a little more clear for you both x

Hi here we go

Duration.it say the same on both

it is proposed that the voluntary arrangement should last for five years from the date of the creditors meeting and creditors attention is drawn to clause 8 of the standard terms and conditions attached at schedule 7 to the
proposals.
the supervisor may at his discretion extend the period of the iva up to a period of 6 months beyond the agreed duration to faciltate the practicaities in the completion of the individual voluntaey arrangment. if such discretion is exercised, then this will not include the payment of addititional voluntary contributions for the period of the extension, subject to all the voluntary contributions due and payable under the iva having been paid to the supervisor.

think this is what you mean

Donna

I think this might relate to if you needed payment breaks for unforeseen circumstances (i.e car repairs) during the length of the IVA. I must strees I am no expert.

Is there anything in there which relates specifically to your remortgage Donna?

I think Paul could be right about the 6 months extra relating to a payment break.