I have been in an IVA for 3 years now struggling but ok, I was getting a bit low in Aug of last year and my Dad said he could help me out with ending the iva through a final settlement, so I wrote to DFD and put forward my proposals offering £10,000. This was accepted in Nov 08 and i was given 3 months to pay the settlement. All seemed to be well until my Dad said at Christmas that he could not help out with the money and could we get back into the IVA. I spoke to my supervisor who did say 'yes' in principle but another variation meeting would have to be held, but if I could find another means of providing the funds I could still exit my IVA as I have until 12 th feb 09 to pay the money in.
I've looked at releasing equity but with the C.Crunch i've not found any company to provide me with a 100% mortgage or a secured loan.
Does anyone have any other ideas on how to obtain funds to end my iva?
As you have not been able to remortgage, and I doubt anywhere is doing 100% mortgages at the moment, or been able to secure a loan, I think you will have to think about carrying on with your IVA.
Is there any reason why your dad said that he could not help you anymore?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
He needed a new boiler. I was going to pay him back at £300 a month which is alot less than my IVA at £540!
I had to ask about a variation as my mortgage payments had gone up so much when my fixed price period ended (jul08). I wasn't able to make the full monthly IVA payment and it looked as though my IVA was going to fail, luckily the interest rates have now gone down again, so I'm alright really just a bit cheesed about it not ending.
I think the worst thing is the amount the IP charges for holding the variation meetings, I have been charged £1000 + VAT which is a bit of a rip off seeing as we are all just trying to get straight.
I do know that they do charge for variations, but have not idea what sort of fees they are.
I really can't think of any other way for you to get funds.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
IPs do have to do extra work when it comes to calling a variation meeting, and at the end of the day I assume these were being funded by your creditors rather than you directly.
The IVA can be varied again, but creditors are going to wonder why and may not be too sympathetic. I personally would not put a variation forward (unless there were very compelling reasons) unless I had the third party money in advance - in which case the case could be closed within days of the meeting.
£1,000 seems very high for calling a variation meeting. Please ask them to reconsider what is a relative straight forward letter to creditors etc. Sorry your Dad could not help.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
