Help

[mkilleen]

Hi,
need some help or advice. I recently was approved and enetered into a 1 year IVA. The thing is i think i was pushed into it by my IP: Mccambridge duffy.
I have spent 6 years building my own house for me and my family to live in for the rest of our lives. Over the process of 10 years have built up numerous debts which sprialed out of control. I appled for an 5 year IVA and was told by mccambridge duffy that i had no expendible income and had no other choice but to sell my property and i now have 1 year to do this.
The property has now been on the market 6 months with no offers at all and i am getting worried, and as well as really really not wanting to lose it, i dont think it will sell, as isn't even finished yet; has no kitchen or living room.

Also i have just received a 5k pay rise.
Does anyone know if i could offer this pay rise as a monthly payment and change over to a 5 year iva and not lose my house. As it will be the hardest thing to let everything i have worked for for 6 years be lost.!
Any advice would be much appreciated.
I wish i had found this forum before entering into my iva.[:(][:(]

thanks
mark

[Viki.W]

Hey Mark, welcome to the forum. Don't worry, an expert will be along shortly to advise you. X

[Jan01]

Hi Mark and welcome just moving this up for you

Jan

[Julie]

Just moving this back up - or in Viki's words BUMP lol

[MelanieGiles]

Hi mark

A £5k payrise is unlikely to produce the sort of disposable income you would need to persuade your creditors to amend the terms of the arrangement. Given that a large proportion of your debt appears to have built up as a result of the house build, it is perhaps equitable that it be sold to try and repay some of this - however I fully sympathise with you having to give up something you have clearly worked hard for.