www.iva.co.uk

iam going into the 4th year of an iva and they will at some point ask me to try and raise some money by lending against the equity in my house which is now worth alot less than say five years ago . i am concerned as i am 60 in july i cant see any one lending to me, my mortgage is with the the halifax , who have already sent me a letter without asking to inform me that they wont lend untill the iva is finished. i know if no one will lend to me i have to carry it on to the 5th year, but do your debts definately finish after the 5 year period ?

Somtimes IVA,S are extended to 6 or 7 years if there is a significant amount of equity in a property that can,t be released.the terms and conditions of any equity clause will be in the chairmans report.however if in the later years of your iva there is no equity in the property, your iva can be concluded after the 5 years.

Hi Geoff - welcome to the forum, it will say in your proposal what clause you have for extension but hopefully with no equity and a good IP behind you the IVA will conclude after 60 months, asssuming you haven't had any payment breaks along the way.

Regards,

Sounds like a case of going through the motions and then either concluding at 60 months if no equity or continuing for another 12 months if there is. Congrats on getting so far along the road...it won't be long now x