depressed and no one to talk this through with

[valf]

I have a joint IVA with my husband. It was set up in March 2007. After the agreement was signed my husband lost his job and we have made reduced payments since May 2007. My husband is now employed again. Our IP has recently put in a variation offer to our creditors which stands at £75 per month less than our original agreed payment. I received a phone call today from our IP, who informed us that the variation was rejected due to three creditors voting against it and some creditors had not voted.

One of the creditors said they would accept a variation on their terms due to default of arrears and to increase the original payment by £42 and extend the term to 6years. I asked our IP if a variation is rejected does the original IVA terms still stand? Since the original IVA terms where more fair than the new suggested terms presented today by one of our creditors. He didn't Know.

I did not receive advice as to what to do. He said he would adjourn the meeting and ring the other creditors to try to get a vote. Don't know what to do????

I am feeling very depressed and no one to talk this through with. We do not have any equity in our house and I changed the mortgage to interest only so that I could make the reduced IVA payments. I have tried not to go bankrupt as my 12year old son was born here and has just nearly completed his first year in secondary education at a very good school less than half a mile away. Sorry it sounds like I am looking for pity! I am about to give up maybe bankruptcy is the real answer?

[Loads]

Hi Valf

I know its hard but try not to worry. If you have no equity in your property it doesn’t necessary mean that you will lose your house, after all if you owe 100% of a 100% mortgage you don’t really own your home, your mortgage company does and the OR can’t take something from you that you don’t own!
I am not saying that Bankruptcy is the right option for you but if you have no equity in your home it is something to be considered.
All you would need to do would be to buy the beneficial interest from the official receiver for a £1 plus costs which shouldn’t be anymore than £250.

Hope this helps

[Blair Endersby]

Hi Valf
The variation being proposed is your choice. You do not have to accept any modifications but forward by creditors, likewise they do not have to accept the variation.

If you do not accept the modifications then the variation would fail and the original terms of the proposal would prevail. If somehow you could keep to these then creditors would still be bound. Though it looks like your IP is trying to get more favourable mods.

[rayb]

Blimey I am in shock. Is this the actual IP Blair Endersby???

[Viki.W]

Hey Valf, hang in there, we are all here to support you and you will get great advice on the forum. X

[Adam Davies]

Hi
Yes,Blair Endersby are kindly answering questions on the forum
Regards

[rayb]

Thanks Andy - fantastic

[getting there]

Great, pity a few more don't join in.
HELLO DFD ARE YOU THERE?.............Nope,did not think so [:D][:D]

[Adam Davies]

LOL
It's a brave company that posts on here.
Hats off to those that do
Regards

[Moneystinks]

I think it is nice to see IP's on here. I am with Melanie - I chose her because I think she can put up with me!! 5/6 yearsis a long time. [:D][:p]

I have also had advice from Ian, Size 5, Andy, Sally (admin) and all my forum pals........Great stuff!

[Moneystinks]

Hey Valf

Meant to say...

Hope you are feeling a little better, keep posting and air your concerns on here and somebody will be able to help you clear your thoughts with some good advice. XX

[MelanieGiles]

If your IVA is currently in default, and if the variation is not accepted by creditors the arrangement must be brought to a conclusion - not revert back to its original terms, because the situation has already gone past that point.