www.iva.co.uk

Hi all,

In November 2011 I made the 66th and final payment of my IVA. However, I have just received a letter requesting that I complete an annual expenditure review. I have emailed Grant Thornton and told them that the last payment of my IVA was made in November and I await their response. Is this normal and is it probably just a clerical error?

At the start of the IVA I was advised that I may have to release some of the equity in my property towards the repayments. I received a letter requesting mortgage statement and estimated value of house around three or four months prior to the final payment so that the case officer could look in to making mortgage arrangements. I have not had any further correspondence regarding this. I was also advised at the start that, if equity could not be released then the amount required would be written off. So I have a couple of questions:

How long after the final payment do Grant Thornton have to release equity? Is there a time limit?

Is it true that the lump sum from equity can be written off or was I I'll advised?

Unfortunately, like others on this forum, my IVA was transferred to Grant Thornton so I cannot pinpoint who gave me that advise.

Your help and answers will be much appreciated.

Steve.

I believe that completing an I&E at the end of your IVA is standard practice. Don't know anything about equity as I am not a homeowner.

We couldn't release equity from our property and have had to make nine additional monthly payments. Have you received your certificate of completion?

Hi. As Orange 78 says a final review is standard practice. On the equity front, the answer will lie in your proposal.

In modern, Protocol Compliant proposals equity is, generally, only considered if it is over £5000. In modern times it is impossible to release equity ( although you still have to try). In this case there is usually an extension of 12 months instead.

All that said, your proposal was drafted a while ago and the company might well have had their own policies on the matter.

First, look at your proposal and see what that says on the matter. You can also email Karol, a representative of GT who has helped many members.

Karol can be contacted direct by emailing ivacustomerservices@uk.gt.com and ensure that "IVA Forum" is all that is entered in the subject line of the email.

we didnt have to do final review ! we ended up with clear debt . at end of yr 5, couldnt remortgage so variation meeting set up, it was concluded we would make 12 additional payments of £539. when that was done , that was it. they said as creditors had agreed for that set monthly amount for set period of time, that was it job done , end of. i clarified this with clear debt and that was the case. last payment made 30 nov, certificate of completion 11 december . im sure every company maybe has different ways of doing things and that was our experience.

Reading this post has panicked me a bit. We are due to finish on Dec 25th having done an extra 6 months due to illness. We have no equity but can FJ tell us we have to do another year at this late stage?

Check what your paperwork says wiggle and speak to FJ about when your last payment is due so you can stop any future payments.