www.iva.co.uk

we have one payment to make to our IVA after 72 months there is now the question of re mortgaging however although there is equity in our house its unlikely that we would get a remortgage as we have a secured loan too and lower income ,can we be forced to sell ?

Not usually. Most arrangements allow for a 12 month extension if equity cannot be released, and often only if said equity is over £5k. See what your paperwork says on the matter.

Hi Carole have a look at your proposals and any modifications to find out what the specific terms were in relation to your property as Foggy says. Come back to us with any queries?

thanks for the replies as I suspected the person dealing with the closure of our IVA has requested a mortgage statement to look into re mortgaging ! As we currently owe over £200000 on a property worth about £300000 this looks good on paper , however as we only have 11 years left to the age of 65 and our joint income is only £39000 I have explained that its unlikely that we would get a re mortgage thats why I wondered what would happen next

It is very unlikely that you will get a remortgage because of the IVA, without the other complications !

Usually a 12 month extension is applied, if that is what is in your agreement.

You need to check your paperwork Carole as it depends on what you agreed would happen...

We have already paid an extra year as our original IVA was over 60 months we also have paid all our ppi claims into it can they extend it again.?

it depends what your 'extra' year was for. If it was extended for the property then no. If you simply have a longer IVA than some others (perhaps due to NRAM?) then I understand the standard length is 6 years so an extra year for equity would be 7. I can only suggest again that you check your paperwork as to the term of your IVA and/or speak to your IP.

As Lisa says, if your IVA was extended at the start ( NRAM or low expected yield usually causes this) then, yes, it can be extended for equity. If it was extended at month 45 (ish) for equity they cannot do this again.