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Just Joined

2 Posts

Posted - 16 Apr 2019 :  12:25:23  Show Profile  Reply with Quote
I don't know if anyone can help with this one.I will try to keep it simple!
I am due to finish my 72 month IVA in September (or so I thought).
I opted for the longer term as I wouldn't be able to remortgage the house and was advised that I could opt for an extra years' payments in lieu of the lump sum.So I took it that after 6 years my IVA will be finished.(5 years being the norm for IVAs)
In my original proposal the house was excluded as an asset due to my only being a co-owner,and the reason I wouldn't be able to remortgage in the future,and also that this was the reason for opting for the longer term.
In the Acceptance letter,one of the changes made was that I should attempt to remortgage the house,get a lump sum from a 3rd party ,or opt for a further years' payments at the end of the term,which is what I'd thought I'd agreed to in the first place.
When my IVA started it was with Debt Free Direct but they have gone through some changes and it is now with Aperture who have informed me that I am expected to remortgage in September.They also don't answer their phones!
So was I wrong to think that the 6 year term included the extra year,and I should now look forward to another year of payments?
I hope this makes some kind of sense .


IVA Adviser
IVA Expert

795 Posts

Posted - 17 Apr 2019 :  14:32:01  Show Profile  Reply with Quote
Welcome to the forum Thewkid.

I'm afraid we cannot answer this question for you.

IVAs aren't standardized, so it will be the detail of your own personal arrangement that matters here.

I do hope that you're able to get some clarity about the situation from them soon.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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Just Joined

1 Posts

Posted - 29 Apr 2019 :  14:44:35  Show Profile  Reply with Quote
It's not possible to even roughly estimate a situation like that? Are IVAs that different in various places?
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IVA Adviser
IVA Expert

795 Posts

Posted - 29 Apr 2019 :  21:46:06  Show Profile  Reply with Quote
Hi Mackley.

They do vary by firm and by client. Assets can be a key differentiating factor.

The key point in this scenario is that we do not know the contractual obligation in respect of the property equity.

Thewdkid appears to have a different understanding of the agreement than that they have recently understood from the new IVA firm.

It may of course all turn out to be just fine and exactly as Thewdkid expected.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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