Page 1 of 1
Posted: Wed Jan 27, 2016 7:05 pm
by osb85
My IVA was scheduled to finish in Dec - now our IP Says we have to pay 67 months plus a month that we couldn't pay - 68. Now we have to see if we can re - mortgage and if we cant then we pay for an additional 12 months bringing us to 80 months. I haven't had any arrears accept for the agreed month missed and our payments have gone up than the agreed amount. Is there a maximum period of time that you can be asked to pay for?
Posted: Wed Jan 27, 2016 7:07 pm
by kallis3
Hi - when is your IVA due to finish? Which company are you with?
Posted: Wed Jan 27, 2016 8:08 pm
by lifenoteasy
It sounds like they are fudging something based on their failure to do something in time.
Posted: Wed Jan 27, 2016 9:48 pm
by Michael Peoples
The equity situation is usually addressed 6 months before the end of the IVA. If the IVA was extended for any reason such as arrears then this will delay the equity calculation. You need to ask your IP for an explanation.
Posted: Thu Jan 28, 2016 11:15 am
by Lisa Thomas
Hi
What was it originally supposed to be - payments over 5 years/60 months plus potentially extra 12 months for the extension?
Other than the extra month for the arrears have you had an explanation for this?
I wonder if its 60 months standard payments plus 12 months for lieu of equity plus 1 month arrears plus an estimate of 6 months for your IP to close?
Meaning you should only be paying contributions of
60+12+1 =73.
This is just an assumption.