I'm burdened by all these questions

[janina.n]

I entered an IVA in August 2006. In my agreement it states that I will continue my IVA for an additional 6 months as we had only just purchased our house and had now equity at the time.

I also had a loan through my work which was not included as it was thought it may put my job at risk. This loan was meant to finish 4 years into the IVA which then meant that the payments which are now £330 would go up to £550. I have since included that loan into the IVA as I found it difficult paying it.

I have not had any revised figures from my IP as to whether I will pay this increased amount in 2 years time or not. We have also done a lot of work in our house since, and the value has gone up. We owe £80k on our mortgage and the house is valued at £105k.

We are getting married in Aug 2010 and in 2011 I want to start a family. If we were to re-mortgage in 2011 when there is only a year left on the IVA would it be reasonable to offer a settlement? Also, will they take kindly to me wanting to start a family when the IVA is still going.. or should I just wait to get pregnant and then sort it out.

I have read through my agreement with a fine tooth comb and its very unclear about the equity in the property.. can they still demand it even if it doesn't say so in the agreement? I find my IP extremely unhelpful and when I'm burdened by all these questions, they don't ever seem to want to help.

[Moneystinks]

Sorry I have no answers for you but I thought I would bump it back up to the top for you. X

[MelanieGiles]

Your Supervisor will not criticise you for wanting to start a family whilst you are subject to IVA proceedings. Life is for living and you have to do that over a 5 year period.

It is entirely possible that you may be able to remortgage to obtain a lump sum to pay off the IVA in the future, but you will need to discuss this with your Supervisor who has detailed knowledge of your case. It sounds to me as if the asset was excluded from the IVA on grounds of the additional contributions you pledged, but I could not be sure without examining the paperwork.

Also if your payments are scheduled to increase during the fourth year, this is what has been agreed and if you could not afford to do this then the IVA would have to be varied formally.