Page 1 of 1
Posted: Thu Nov 03, 2016 5:53 pm
by Mark.29
Just entererd into year six of a planned 6 year iva with payplan (nram insisted as one dept was together morgage) is this the norm? Will the iva end after this year? Surley they cant ask me to remorgage, then once refused make us do another year? I dont think i could handle that. I assume nram wanted the 6 years as they knew we wouldnt be able to remorgage.
Posted: Thu Nov 03, 2016 6:02 pm
by kallis3
Hi,
The IVA should finish this year as far as I am concerned but you do need to check with Payplan.
Posted: Thu Nov 03, 2016 7:08 pm
by Foggy
Hi. I am afraid that an IVA stretched to 6 years by NRAM can be extended by a further 12 months in lieu of equity, if you have sufficient equity to trigger the clauses -- generally more than £5k.
Posted: Thu Nov 03, 2016 8:01 pm
by Michelled0422
I have a 6 year IVA due to NRAM with a 12 month or equity release = 7 year IVA. I too am in my 6th year and counting down to month 84