are they a reputable company

[lynchmeistress]

We have an IVA which is just coming to the end of its 2nd year and have been approached by Jefferson Hobbs, they say they are confident that they can contact DFD and get the IVA ended early as we have some equity - are they a reputable company - you know what they say "if it seems too good to be true...."

[aguise]

Hi there.
Be careful find out alll you can. What is in it for them ? If you have enough equity for a full and final then why not ask your own company. I have had these letters ,but dont own my own home so they dont apply, but the fact that i have had them shows they are just getting names off the insolvency register. May be ok but be careful.
Ang

[scaredkez]

i agree with ang on this one, be very careful, i am sure if there had been enough equity in the first place this would have been put forward by your IP to do a full and final, i got a similar letter from another company after i went BR, so read into it very carefully.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

Early equity releases, in IVAs where you are paying contributions for a five year period with a back end equity release are unlikely to be attractive to creditors unless you could pay the debts off in full.



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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[lynchmeistress]

We currently pay 933 per month into our IVA, have never missed a payment,it's real struggle to live and actually are happy to pay it because we've had the benefit of the money and so not looking to wriggle out of paying anyone - but- my husband is on dodgy ground with his employment and may be made redundant or early retired within the next 12 months in which case we could not keep up this level of payment and so taking the company who approached us about finishing the IVA early out of the equation, we have approv 39,000 of monthly payments over the next 3 years and we could possible release 32,000 of equity, do you think this would be attractive to the creditors?
I don't want my IVA to fail and I'm just worried because of the job situation.

[MelanieGiles]

Hi there

Your IP will then need to explain to creditors that this is being done in light of your husband's potential redundancy. If your husband was to be made redundant, would you be able to afford higher mortgage payments? And was your property included in the original IVA in the first place?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[lynchmeistress]

Yes the property was included in the IVA, yes we probably would be able to afford the mortgage because he would take another job - any job- it wouldn't pay as much as he gets now it but an increased mortgage wouldn't be as much as the IVA and if things got really tough we would then be in a position to sell the house and move into something smaller, which is the last thing we want to do.
Nothing is certain, it's all up in the air,and it may be best to leave things as they are, I just have a habit of looking forward and trying to cater for all eventualities.

[MelanieGiles]

I think as long as your IP were able to explain matters in context of your last post, then you have a chance of acceptance. Best now to speak to them directly to see what their view are. Good luck!

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk