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Scared of my IVA - please advise
desperate+determined
Posts: 145 Forumite
in IVA & DRO
I started an IVA in August 06 and now I'm in my final 2 years! :T BUt i'm terrified!! I believe I was mis sold it as I have never owned any property and people keep telling that in my final year i need to realease some equity to clear it!! I don't have EQUITY!!
What happens in my final year and I can't pay. am i back to square one. (i've never really understood the IVA - i just keep paying the payments?)
Please advise.
DD
What happens in my final year and I can't pay. am i back to square one. (i've never really understood the IVA - i just keep paying the payments?)
Please advise.
DD
0
Comments
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During your final year your IP should contact you with a view to finishing the IVA. If you have no equity funds then you will be asked if anyone (family, friend) can give you a lump sum to finish the IVA off - it would be then down to you and that person to negotiate repayment once the IVA is completed. Failing this you may be given the option to extend the IVA for another year instead.One life - your life - live it!0
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desperate+determined wrote: »people keep telling that in my final year i need to realease some equity to clear it!! I don't have EQUITY!!
DD, who are these 'people' telling you about equity? Your IP, or people down the pub?Accept your past without regret, handle your present with confidence and face your future without fear0 -
Wait wait wait... if you've never owned any property then what would you possibly have equity in?Would you ask the wolves to look after the sheep?
CCCS funded by banks0 -
That's why I wondered if it was 'people' down the pub Charco
Accept your past without regret, handle your present with confidence and face your future without fear0 -
That's where i go for all my advice anyway! Ask a drunk or ask a teenager... If it's a really BIG problem I go to the park on a Friday night and ask a drunk teenager!Would you ask the wolves to look after the sheep?
CCCS funded by banks0 -
Now I'm confused. I've also been in an IVA since June 2006 so have about 20 months left. What DOES happen towards the end of the IVA? I thought I just made all the payments then once the final payment had been made, that was the end of it? I don't own any property and couldn't possibly raise a lump sum to pay it off! Please advise. Thanks.There We Are Then !!0
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That's what's confusing us guys too. If you have no major asset to realise to produce a large lump sum payment, then what are you being asked to raise a lump sum for!?
It should just be a matter of making your 60th payment and then waiting for the IP to give you your completion certificate! Simples - as the meerkats might say!Would you ask the wolves to look after the sheep?
CCCS funded by banks0 -
Thanks Charco for confirming what I've always thought - I was getting worried there! Roll on June 2011!!There We Are Then !!0
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property or not. If you don't have one.there isn't one to consider.if you do and there is no equity in it or you can't get a remortgage......you pay nowt...may be asked to extend0
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