www.iva.co.uk

Hi Everyone

It has been a while since I last visited this site. Ive just been keeping my head down and slowly going through the months.

I have just received my 4th year annual report on my IVA which is plodding along so so, my query is: My IVA started in April 2008 does this mean in theory it should finish Aprl 2013?

I say in theory because I have the dreaded mortgage payment to make in the 4th year, now I know that it is very unlikely that I will be able to re-mortgage, and I dont think that I have any special terms imposed that says the IVA will run on for an extended period of time if I cant get a remortgage, but in the annual report it is still stating that £23.800 will be realised in the 4th year from a re-mortgage, surely the IP who is F.A. Simms are aware of difficulty's in remortgaging, or do I still need to apply for mortgages? I have tried calling them but the person I need to speak to is on off until next week.

Has anyone else dealt with this IP on what I should be expecting?

Also if my IVA was extended a further 12 months does this mean that it would finish April 2014?

Hi Mollymunchkin! If April 2013 is your 60th payment that would be it, unless you have any extensions or payment breaks etc..

The mortgage clause will need to be complied with so that means going through the motions even though you know you won't get one. If there is equity, a 12 month extension in lieu of equity is standard now. However, it depends on the wording of your proposal.

Best to chat to your IP for case specific advice though x

well done for getting to this stage of your IVA journey. Speak with your IP for specific case advice, but I would expect to have to attempt re-mortgages and gain quotes etc and send them in to your IP - hopefully they will agree and your IVA may end, or they may impose a 12 month extension - but this is dependant on your own IVA proposal document and how it is written - hence my advice of working with your IP on this.

Its highly likely that a 12 month extension in lieu of equity will happen.

Keep plodding on.

Paul