Ok dug out the paperwork and i'm paying 70p in the pound and then 50% of the equity.My share at the start of this was 44K.Looking at other figures on here 70p seems alot
70p may seem a lot to pay back, but if you look at it from the creditor's perspective. They are not lending money with a view to only getting 70% back, they are doing it with a view to getting it all back.
No one should look at an IVA with a view to seeing how big a write off they can achieve, they should look at it as a way of making the best offer of return to creditors who have loaned them money. (Whether the lender is irresponsible or not is another question!)
I personally think you should be feling quite pleased with yourself that you are able to offer 70p in the £. I suspect that you have become quite aware of your position and have chosen to do something about it early on as opposed to putting it off and putting it off. More often than not, the earlier someone acknowledges and deals with financial difficulty, the easier it can be dealt with with a more satisfactory outcome all round.
I too very much doubt the IVA will fail if you are unable to release any equity. You should however be prepared for the outside chance (And it is outside) of creditors asking for a further 12 months contributions to be made in lieu of equity.
Tell it like it is.
Tell it like it is.