- Sat Nov 10, 2012 12:54 am
OK first things first tell her to stop panicking.
Lets look at this, she is in a 5 year IVA, with a remortgage clause, which is normally for a set value.
Now why I have said stop panicking, is in the past couple of years very few have managed to get the remortgage, so what has happened is that the IVA has been extended by a year and payments at the current level of the final year.
Secondly, though it is almost impossible for an IVA to pay back more it has been known. If the repayments over the period are close to or achieve 100% of the debt, you then have the IVA fees to add on (and dependant on the company these can vary significantly) it can result in more being paid than was owed!! If this is the case then the IVA company may have acted in their favour only and not in the clients.
If this is the case a the all the debts will be repaid fully, then maybe, just maybe a shift in tactics is needed, away form an IVA into a Debt Management Plan, because beleive me if the creditors are assures that they are still going to get al their money back they will go for it!!
As Mrs Duff has said she need to talk to the administrators of the IVA and if necessary the IP themselves to look at what is happening, but also please dont be afraid to talk to National Debt line, Payplan or CCCS if her IVA company are being awkward.
Just one though though, from what I have been reading most people on the cross rail link route (and the HS2 route) are convinced their house prices will drop in value rather than climb, as they did initially on the Euroroute!!