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New to forum. Advice needed please
New to forum and require advice please. Currently three months into fourth year on IVA . Could anyone explain what happens if you can't release equity in house. I know the IVA can be extended by 12 months but would the contribution be to the value of equity in house or regular payments after financial review. Any help appreciated
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Hi,
No, your payments would just continue as they are now (as long as your circumstances have not changed) for a further 12 months.
Thats it.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thank you Sourcrates. So I will not be asked to get a secured loan ?0
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Thank you Sourcrates. So I will not be asked to get a secured loan ?
I've answered this on your other post.
This secured loan option at the end of an IVA is a new product i have had no experience of.
From what i can gather, only certain companies offer this, through one of there partner lenders, you may well be asked, but you have every right to refuse.
Give National Debtline a call to get there take on it, there are rules laid down called the IVA protocol, they will be able to give you a better informed opinion on your options than i can.
Some good info here actually :
https://debtcamel.co.uk/iva-secured-loan/I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thank you so much0
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