Really confused with IVA wording! anyone help?

Loulou66

Hello,
I have posted on the forums previously but forgotten log in details so I've made a new profile... anyway... I'm really confused can anyone help? Hubby went into an IVA in 2010, reading through the agreement and given the advice from DFD we thought it would last 4 years, we'd seek a remortgage after this time. Either get it and pay off the IVA or not get a remortgage and add an additional 12 months to the term. We've just provided them with the info they need so whilst looking at the paperwork again I'm now not sure this is the case. In one section it states 'I propose that the arrangement will last for a period of 60 months. If at any time it becomes clear to my supervisors that all matters under the arrangement cannot be completed before the expiration of this period, then the duration of the arrangement can be extended in accordance with the standard conditions'

I'm really confused... is the iva going to be 6 years not 5 like we originally thought?

Kim_kim

60 months is 5 years.

Loulou66

Oh I know, I'm just confused as to whether it was 5 years in total or 5 years plus an extra 12 months if u can't remortgage. The wording is hard to figure out

alastairq

plus an extra 12 months if u can't remortgage

That is the right bit...... 5 years, with the option of extension to 6 years, if as you say above.

SPELLKASTER

Your in an IVA with DFD!?

I had to cancel mine with them as they made it deliberately unaffordable!!

Loulou66

alastairq wrote: »

That is the right bit...... 5 years, with the option of extension to 6 years, if as you say above.

thanks that's what I was fearing I'm so gutted we thought the end was in sight and now the finish lines been changed! Poor advice from dfd I think. I feel like our entire life's on hold because of this... We wanted to move for schools next year now it's gonna be even longer. Wish we'd of understood it more back when we went into it Spellkaster to be fair with ours the allowances are more than generous for some things with ours. Like before we had no money for contingency etc... whereas now we have but that's not through any help from them. Sis in law helped with all that side of things. What happened when u cancelled the IVA? What happened then?

Giggles_Fairy

Spellkasters circumstances are completely different to yours LouLou. Cancelling the IVA for you, especially at this stage, would certainly not be advisable.

Regarding the payments. If your iva said you make 60 payments this this is the length of your basic payments then any extension for equity is on top of this. This is the typical IVA length however in sole circumstances they can be avreed shorter or longer, but given what you have quoted it would seem this is not the case in your circumstances.

What does the info re.remo say? In some cases the equity exercise is done in the 4th year, i.e after the 3rd anniversary but before the 4th and in alot of cases it is done in month 54.

Is there equity in your property?