HMRC variation

[grinder]

Hi people,

I have been in an IVA since November 2013 with McCambridge Duffy (with whom I am very happy). Month 54 will be in April.

My IVA contains a variation by HMRC which reads:

"the duration of the arrangement shall not exceed 66 months without the prior approval of 75% majority of creditors' claims voting for the resolution".

Can any one help me with the purpose of this variation. It seems to allow the creditors the option of frustrating the 12 month extension were I unable to remortgage.

I am unlikely to be able to remortgage in the current climate. What will happen if the creditors voted against a proposed 12 month extension? Is this possible or likely?

Is this a normal HMRC variation? The reason I ask is that I live in the south East, and during the last few years, the equity in my home has increased to a level that would if released pay off the whole of the debt owed. However, I would be unable to buy a new home because of an inability to obtain a mortgage.

Am I at risk of losing my home, despite compliance in full with the IVA over the past 4 years? Are any supervisors familiar with this variation and the attitude of creditors to it?

Thank you all in advance