www.iva.co.uk

Hi all, posted a couple of weeks ago about 59th payment. Well I've had valuations completed and one shows negative equity and one shows less than £5k equity. I sent this along with mortgage balance to my IP as they requested. I've tried to speak with my relationship adviser 4 times over the last 10 days without success. His colleagues that I speak to tell me that as there is less than £5k equity then likely that annual report will recommend completion after 60th payment as there is no equity then should enter 6th year. That sounds good (really good actually), but a bit too good to be true. I thought a variation meeting would be needed?
Anyone with similar experience, no equity no need for a 6th year??

That is the general arrangment for younger proposals. Maybe your IP had a crystal ball. The answer will lie in the wording of your proposal. But, whatever, if your IP says end at month 60 ... roll with it

Hi - it may well be true. Check the wording of your equity clause and see whether it says anything about 5k minimum. Good luck x