can i withdraw from the i v a

[andy.r]

i had to sell my house quick as it was due to be repossesed , my iva (been regular for 18 months) is for the debts my wife left me and my 3 little girls with about 3 years ago,
i have been accepted for a new mortgage which is quite decent considering , but they say they need the approval of the iva people, if they make it difficult for me and want more money than i have spare (which is for my deposit and to make the cheap hell hole i have bought decent) can i withdraw from the i v a and make my own arrangments with my creditors?

thanks

andy

[Adam Davies]

Hi
I presume that you did not have the fourth year equity release clause in your IVA ?
If not then all your mortgage company needs from your IP is conformation that your IVA is upto date and you will only have to increase your payments if your disposible income increases due to the house change.
You can stop paying into your IVA at anytime but you run the risk of your creditors petitioning for your bankruptcy.
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]

So long as you are up to date with your payments, and the new mortgage is not going to affect your ability to fund your ongoing contributions, your IP should have no problem in giving the permission you require.

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