At our review, will our IVA fail

[Pbryan]

Hi All, I am at the end of my first year of our IVA (review in June07)However my wife was made redundant earlier this year and has now got another job for £500 (nett) per month less. At our review, will our IVA fail as on the face of it we have £500 per month less available to pay into the IVA. As we are only paying 25p in the £ as it is sureley there cannott be a variation meeting to reduce this further, in line with our new income level. Secondly would it be an viable option to sell our house and pay all of the equity into the IVA thus settling early for the original 25p in £
Thnaks

[ivoriva]

If a variation cant be put forward, which it sounds like it cant, & considering the IVA looks set to fail - then a F&F payment through release of equity does sounds viable, and something which creditors would probably be receptive too epecially at the return originally specified in the proposal.

Maybe an expert could confirm this?

[MelanieGiles]

Hi pbr

Without knowing the background to your case, it is a little difficult to advise properly, but if you are able to make an offer from the equity in your property this is worth exploring. Have you already pledged the equity in the property to the creditors via a fourth or final year revaluation and subsequent equity release?

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