At wits end!

[Snowball]

We are in our fourth year of an IVA. In March this year I lost my job due to ill health through an industrial injury. I contacted the IVA right away and explained our circumstances, and it was agreed that we take a two month break in payments. I rang them a few weeks ago and told them my circumstances had not changed, and I was due to go for a MRI scan with the prospects of me having surgery. I have now been told I need surgery and this could be a lengthy lay off. We are at our wits end now, we were suppose to re-mortgage in November to release £27,000 as agreed at the start of the IVA. Besides having negative equity, I will most likely still not be working by then. What can we do to save us losing our property, we have tried so hard, and now by a cruel twist of fate, we are staring Bankruptcy down the barrel. And to make matters worse my wife would lose her job in Banking if the IVA failed.

[Shining]

Hi Snowball firstly welcome to the forum and I'm sorry to hear that you require surgery.

If you're in negative equity then you wouldn't necessarily lose your house within bankruptcy proceedings but if your wife would lose her job then that wouldn't work for you. As you're in your fourth year could you ask your IP to offer creditors to accept what has been paid in as a final settlement of your IVA?

One of our professional posters will be along soon to advise.

[kallis3]

Welcome from me, and I'm sorry to hear about your problems.

I agree with Lesley that you should approach your IP with a view to having your payments to date accepted.

[Snowball]

Our IP did mention this as an option, but I can't see the creditors accepting this, due to the amount still outstanding. Also there is £11,200 secured onto the property, which was done at the time of the IVA being proposed.

[kallis3]

You can but try. If your IP has mentioned this then they must think it has a chance of being accepted.

[Snowball]

I really hope so, I dread to think what will happen otherwise.

[kallis3]

One of the professionals will be along with further advice later.

Good luck from me though and keep posting to let us know how things are going.

[Snowball]

Oh dear I don't know what's happened but the post above from shirt45 is me.

[Michael Peoples]

I can only agree with the others that you should attempt a full and final based on what has been paid to date. You have cllearly shown intent to repay and creditors do normally sympathise with illness. We have closed cases down at pennies in the pound and if your IP is willing to put your case forward you must stand a chance.

[Snowball]

Hi Michael I'm actually with your company.

[Skippy]

Welcome from me as well.

You're in safe hands with McCambridge Duffy and Michael, so good luck and let us know how you get on x

[Michael Peoples]

If you like Snowball send me an email and I will get the file tomorrow. From what you say there is a very good case to put to creditors. It also sounds like those in supervision have already considered a full and final and they do have a very good success rate.

In the last couple of weeks two clients on this forum had their cases closed with contributions to date accepted as full and final settlement. One was easier than the other but once the variation is drafted and the IP recommends creditors accept it, that should be enough but sometimes it does come down to some haggling.

[kallis3]

Good luck Snowball, Michael will help you out.

[Shining]

Michael will do his best for you of that I'm sure, try not to worry x

[Snowball]

Thank you everyone for all your advice. Michael I tried to e-mail you on here, but there is anti-spam filter stopping all e-mails to yourself. I have e-mailed you at McCambridge & Duffy if that's ok.
Regards
Stephen