www.iva.co.uk

Hi

I have an IVA that was extended for 6 months as I had arrears. I am now 5 years and 8 months into the IVA and they asked me for the valuation report and redemption certificate a couple of months ago. I have since received an email from them to tell me that my payments remains the same.

How long will I have to wait for them to inform me if I need to remortgage? Is this something they can ask at the end of the 6.5 years? What happens at the end of an IVA - do you just make a final payment or do they do another review? Thanks for any advance you may be able to give me.

Have they said if you have any equity? What did the valuation say?

Hi, there is equity about £15000 but my IVA provider hasn’t come back to me regarding this just that my payments remain the same. As my 6 years of IVA finishes in May 2022 is this not really late?

I imagine the timing has been messed up by the extension. However, in reality, it is not for them to chase you, although in practice they generally do. You agreed at the start to carry out this exercise, not them.

Anyway --- you now have to wait and see if the extension will apply. When you do get to make that last payment, the case will go to 'closures', who will go through it all, dotting i's and crossing t's before issuing a certificate of completion ( a grand term for a slip of paper ).