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| swanseapete |
Posted - 04 July 2008 : 14:27:15
Hi I'm in the 5th year of an IVA and up to date with both the iva payments and my mortgage.my original agreement was to pay back 28% of the debt (agreed by the creditors) however my income tax and vat bills have been reduced considerably and the money ive paid in amounts to 40% of the up to date liability. The people who arranged the IVA now say they want me to remortgage my house to raise £10000 to add to the fund,this would then push the percentage to about 80%
the problem then becomes greater because I have not worked for the last 4 months due to 3 operations and when I was due to go back to work the same problem arose again so I need to have another operation. On telling my boss this fact he then gave me 3 weeks notice of dismissal. The question is "what the hell do I do now" please give some advice. |
| 4 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 04 July 2008 : 23:24:50
I've answered this query on iva.co.uk - but suffice to say that if you cannot raise the equity, then your IP ought to revert to creditors to ascertain their wishes. The most likely outcome is that they will accept what they have already received in full and final settlement.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| JulianDonnelly |
Posted - 04 July 2008 : 16:30:58
Hi Swanseapete and welcome to the forum.
It is unfortunate that some IVA companies neglect to mention that your property will be revalued toward the end of your IVA with a view to releasing any accrued equity.
Given your situation, it is looking likely that BR may be the appropriate solution for you. don't automatically assume that you lose property in BR as steps can be taken prior to BR to aviod this. i would suggest contacting Brett England of England, Jackman & Spacey who does excellent work in this area, as does Paul Johns of Reviva. You can contact them through their weblinks on the experts page.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| Ian Richards |
Posted - 04 July 2008 : 14:39:21
Hi
I have my own thoughts on this but its probably going to better that Melanie instucts the way forward to you as she is an IP
She will be no doubt around soon. |
| zoe |
Posted - 04 July 2008 : 14:35:20
I yo have the equity in your property then you will loose this if you are made bankrupt!
I would recommend you speak to your IP, you will have to remortgage to get this £10,000, and if you have no job you cannot remortgage!
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