Hi all, posted a couple of weeks ago about 59th payment. Well I've had valuations completed and one shows negative equity and one shows less than £5k equity. I sent this along with mortgage balance to my IP as they requested. I've tried to speak with my relationship adviser 4 times over the last 10 days without success. His colleagues that I speak to tell me that as there is less than £5k equity then likely that annual report will recommend completion after 60th payment as there is no equity then should enter 6th year. That sounds good (really good actually), but a bit too good to be true. I thought a variation meeting would be needed?
Anyone with similar experience, no equity no need for a 6th year??
That is the general arrangment for younger proposals. Maybe your IP had a crystal ball. The answer will lie in the wording of your proposal. But, whatever, if your IP says end at month 60 ... roll with it
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
