It will be 12 months payments at the normal monthly rate.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I’ve received an e-mail from PayPlan saying that as I’ve shown that I’m unable to get a remortgage they will arrange a creditors meeting to extend my payments by a further 12 months. Fingers crossed!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Steviebluenose dont forget if you have a single IVA (either husband or wife) and the mortgage is in both names then only half the equity minus 25% is actually your available equity for release. However, as others have said even with a decent credit record getting a mortgage is like finding hens teeth but if you have an IVA next you your name they wont even offer you a seat.
I came into this world with nothing and still have most of it left!
I haven’t heard anything from Payplan as I realise that these things tend to take a while. Just out of interest, I logged onto Justabank, PayPlan’s online service, to be greeted with a note on the front screen saying: “Information required for creditors meeting. We need some more information from you, to prepare the papers for your next variation meeting. The meeting cannot take place until we receive this information. Please call …”
I hope this has only appeared today as I seldom access Justabank. I cannot contact PayPlan by phone as it is not possible to call from work and they are only open between 9 & 5 Monday to Friday. I have e-mailed PayPlan to ask what they require as well as asking them if they were going to contact me by letter or e-mail requesting this information.
You would have thought that they would have written to you as well!
I seldom visit Justabank so wouldn't know if they wanted me to contact them.
Is it not possible for you to nip out in your lunchbreak and use your mobile?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I got an e-mail back from my case worker at PayPlan. I can’t fault then for replying to my e-mails promptly! She said that they don’t require any information from me at the moment but she didn’t make any reference as to why the message was on Justabank. Anyway, it’s put my mind at rest.
I have tried previously to contact them on my mobile but it’s a PAYG and I’m always conscious of the cost. Also, my lunch break always seems to coincide with my case worker’s!
Glad she got back to you and at least it's put your mind at rest.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Just an update – I got a call from my case worker earlier this week to say that they are now ready to send out the circular to my creditors requesting the removal of the equity release clause and it being replaced with a 12 month extension. I had to update my income & expenditure to make it current, (there weren’t any changes). I have received a copy of the circular that will be sent to my creditors which I need to sign and return to PayPlan. I’ve copied it and returned it. I asked my case worker what sort of time scale I would be looking at to receive an answer and she said it should be within 28 days of my creditors receiving the circular.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I also have the fourth year cause I have to raise £10000 by way of a remortgage which as everyone knows is impossible but I am reluctant to let my current mortgage company know I am in an IVA, also my arrangement does not say I will have to extend by 12 months, it states if a remorgage cannot raise the money a creditors meeting will be called.
Your mortgage company will know about the IVA as the IP has to tell them once it is approved.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I received a letter from PayPlan today informing me that a creditor's meeting has been set for 3 December at 11am. It takes me back to the start of my IVA. I'm already starting to feel a bit anxious which is daft as there’s nothing I can do to influence this. I hope the next 4 weeks go quickly!
