fail right at the final hurdle ?

[Endinsight]

Hi,
I am currently in my fourth year of an IVA and been asked to raise the equity in my property which four years ago they were expecting me to be able to raise £30,900. I have just spoke to a mortgage broker who my I.P put me in touch with and was told that with my house decreasing in value over the past four years and the maximum LTV he would be able to raise on the property I would be looking at a figure of only £10,000 worth of equity available.

My proposal states that if 28p in the pound is not acheived this will be deemed a default of the arrangment. If I've raised all I can from the property, how will the creditors look at this??? Help, what do I do now I have managed for four years to keep up with my payments and now look like it will fail right at the final hurdle. What options do I have now. Many thanks Claire

[Viki.W]

Hey Claire, welcome to the forum. I think you're probably in the same boat as lots of other people in IVAs, please hang in there and a technical expert will answer your question for you. Have you spoken to your IP about the new valuation? X

[MelanieGiles]

Your IP will need to put a variation forward for you to deal with this matter. This may result in you being asked to extend your IVA for a further year, but you ought to discuss this with your own IP.

[Adam Davies]

Hi
I'm sure that your IVA will not fail,as Melanie states you may have to extend your IVA at worst
Regards