One year to go...

headstuckinsand

I've got just 12 more payments to make till my IVA is complete (all being well). I've still got the inevitable equity release stuff to go through later this year but I'm fairly confident there won't be sufficient equity in my house to have to extend.

Just wanted to say to those starting out on the journey... good luck. It's a long slog but it'll be worth it in the end. I can't wait for this time next year when I get to keep the payment that would normally go the IVA company.

National_Debtline

Hello there,

I'm glad to read that you're towards the end of your quest. It might be worth just checking the terms of the IVA, some contracts will expect you to pay for a further twelve months if you are unable to release equity. I have no idea who your IP is, but I just wanted to raise it as a possible issue. Of course, it may not hold any relevance to your situation.

Best wishes for the final year.

David.

FocusQueen12

Well done.

Do check your agreement, but if you are in negative equity an extension is unlikely.

Keep on top of the PPI claim situation as you may find you are presented with new claims at the eleventh hour!

Best of luck for the next few months. Its not so bad when you can see the finishing line :-)

FQ

22cuddles

Yes, definitely check your paperwork. If there's not enough equity to release then you may well face an extension to make up the difference. I only say this as it happened to me and I remember how disappointed I was to realise I had another 12 payments to make.

headstuckinsand

Thanks, I think I should be ok. If there's less than £5k equity (after the 85% LTV ratio) then the IVA finishes.

The PPI is slightly concerning just with the time it takes Payplan's partner;) to complete. They spent the last 12 months investigating Lloyds and Barclaycard and managed to get just over £2k back (of which I got about £200). Only now they've decided they also want to look into the others! Why they didn't do them all at the same time I've no idea!

UpToMyNeckInIt

headstuckinsand,

Well done on nearly making it.

You are spot on with your assertion on equity release - you will only get a 12 Month extension if you have equity in excess of the 85%LTV threshold AND if you are unable to remortgage.

If you have less than £5K equity at 85% LTV, then your IVA should indeed end in Year 5.

Start counting down the days!!!

username200

headstuckinsand wrote: »

I've got just 12 more payments to make till my IVA is complete (all being well). I've still got the inevitable equity release stuff to go through later this year but I'm fairly confident there won't be sufficient equity in my house to have to extend.

Just wanted to say to those starting out on the journey... good luck. It's a long slog but it'll be worth it in the end. I can't wait for this time next year when I get to keep the payment that would normally go the IVA company.

That must feel good.

headstuckinsand

Just to follow up... I've had it confirmed today that there is indeed no equity to release as expected so just 6 months to go and it's all done. Yippee!! :j

debtfree2016

Well done Headstuckinsand, this is my biggest fear, I'm due to finish July 2016. I'm with Payplan and also have the equity release. I have a feeling that the market although steady is pushing the values up. Did they value the property via independent agents or Zoopla?

headstuckinsand

They asked me to get a valuation from an estate agent - I'm assuming they didn't check against Zoopla as this showed it quite a bit higher than the estate agent's valuation (the internet is only a rough guide and there had been a few sales in my area recently that have kept the prices low.)

When they request it though they ask for a mortgage redemption statement and valuation dated within the last 3 months - so it might be worth asking for a valuation a bit early if the prices do start to creep up.

Good luck

debtfree2016

Thanks, would like the next 22 months to fly by, but that would mean my children growing up to quick..