2 year no variation clause

[acsn]

Hi,

I seem to remember some time ago Melanie itching to challenge the 2 year no variation modification clause that's included in so many IVAs these days.

Any news on that - the reason I ask is I'm just about to enter year 2 and it looks like the lodgers moving out soon and rather than try and find another one - the only way I could ever met the monthly IVA payment - I was thinking of selling up and renting on my own. I think I could with a bit of luck and the magic of white paint clear just about enough from the sale to get a fair full and final offer together.

I, unlike so many, don't have 4th year equity release clause.

regards

[Adam Davies]

Hi
Well your IP could hold a variation meeting to firstly have the modification of no variations within the first two years clause overturned and then propose your full and final settlement
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

I would do it if I were them!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[iva experts]

Hello acsn,

I find it interesting that you do not have a 4th year equity release clause. I would contact your I.P to discuss what options are available to you.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[acsn]

Hello iva experts

I wonder why you find it interesting , is it that unusual? I do feel rather blessed though after reading that so many will be paying for their IVA as long as they have a mortgage.

Sorry everyone that sounded wrong, I entered an IVA when I was at rock bottom. At my wits end juggling credit cards and will always be grateful for a way to take the very real daily pain of debt away.

And, how else would I have learnt how to make two chickens for £5 into 5 meals. And that you don't need Molton Brown black pepper body wash to be clean , (still miss that though)

I have an interest only mortgage and the valuation came in very low when the proposal was being put together. I'm paying 6 extra payments to buy out the equity.

You suggest contacting my IP , what options do you think might be open to me? I'm kinda taking Andy's advice about not rocking the boat.

I had been thinking about trying to sell the flat as the lodger may be moving on and thought of trying an offer of a full and final of £40k and then move into rented accommodation but have decided not to as I'd still have the IVA showing on my credit file until 2013 so even if I could save a deposit I'd struggle to get a mortgage.

But then again and I know this will make Melanie cross, sorry you know I think you're great, , without the IVA I might get off my **** and get a better paid job.

regards

[MelanieGiles]

Ultimately, it is only your IP who can give you real advice about your individual situation - and you will not struggle to get a mortgage once the IVA has concluded, just may have to pay a bit more for one!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp