www.iva.co.uk

all 60 payments made august 2013. equity approximately 10000 in house in my wife's name only. fj did not advise us 're equity properly and under impression no extension required.nothing paid to find since after month 60. now over 2 years later asking to exit e nd for another year. this does not seem fair. offered 1700 to creditors meeting. said want more as we have disposable income but our bills have been reduced since iva payments finished. unfair

Hi and welcome,

Did you have a completion letter?

Its very strange that you have had radio silence on this for two years. something does not seem right. As Kallis asks did you ever get your CC?

IVAs have alegal time period so you need to ask your IP if yours has lapsed. Leaving it in limbo for two years seems very odd.

Questions that spring to mind are:

1. Equity - you say in wife's name only, I are you both subject to IVA ? If your wife is not and you are not property opener IVA firm has no claim over your wife's equity in property.
2. If property is in both your names claim to equity is only on your share, if using the method described in your agreement this is less than £5k per head (if agreement says this) then there would be no equity claim.
3. If you have had payment reductions throughout the term and these added on the end it may have extended the term of the IVA.

I would write to them asking how they have concluded an extension is due with a worked example see the extension template letter in my. Blog re 12 month extension. Might be worth you getting a valuation on your property,. If you have your completion certificate already just ignore them, in my humble opinion as your obligations are complete under the IVA..

that's concerning,, what is the legal timescale on an iva. have received our completion certificates ,, is it possible they can come back to us for more payments or does having the CC mean I am legally free of the IVA, could someone please clarify thanks

If you have your completion letter then they cannot come back at you for more payments - they can still chase PPI.

We don't know if the OP had their completion paperwork or not.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by mikepapa

that's concerning,, what is the legal timescale on an iva. have received our completion certificates ,, is it possible they can come back to us for more payments or does having the CC mean I am legally free of the IVA, could someone please clarify thanks

If you have your CC your IVA is complete. The only asset the IP can potentially still retain/pursue is any PPI compensation payment, however this is currently dependent on the outcome of an appeal going through the Courts. No idea why your IP is writing to you about an extension when they have already completed your IVA. Something is wrong. Write to them and remind them that your IVA was closed on xyz and they must therefore have written to you in error.