IVA Variation

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Connor123

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Post by Connor123 » Tue Apr 19, 2011 8:40 am
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I entered into an IVA last year with two thirds of the contributions coming from sale of property. Due to illness and a reduction in income I have been unable to market the property until recently. The problem now is that the market has fallen and there is little or no equity in the property at the moment.

I will need to ask my creditors for a variation to allow more time to sell the property in the hope that the market will be better in the future.

I am wondering whether it is likely my creditors will go with such a variation. One of the main creditors is HMRC and and most of the others are banks.

Does anyone have any thoughts on what view they are likely to take.
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kallis3

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Post by kallis3 » Tue Apr 19, 2011 8:46 am
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Hi Connor and welcome to the forum.

You do need to speak to your IP as soon as possible about this as I'm not sure what the creditors will say.

One of the experts will be along shortly with some advice.
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
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Michael Peoples

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Post by Michael Peoples » Tue Apr 19, 2011 9:35 am
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You could consider putting the property to auction and creditors would then be bound by the sale proceeds regardless of the amount. HMRC normally look for an auction sale within a certain timeframe anyway.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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