MelanieGiles wrote:But is such a variation likely to be approved as it's probably in *their* best interests to fail the IVA at that point and force me into BR?
This will need to be addressed by a variation during the final year of the arrangement - as at the time this provision was introduced it could not have been forseen that people would not be able to get 85% loan to value mortgages.
MelanieGiles wrote:Apologies. I realise you don't have a crystal ball, and perhaps the question was a little unfair - and this board has been extremely helpful so far.
Sorry - I don't have a crystal ball to see into the future, but with a good IP recommendation behind the proposed variation there should be little problem as it would be very unjust for creditors to fail your IVA at that stage.
Viki.W wrote:Thanks for the vote of confidence Viki. However, having been at the sharp end of the creditors tactics previously (phone calls from India every 2 hours for 7 days a week) I currently don't have that much faith in them.
I don't think you should worry nervousperson, if they really want to make you BR at the end of a successful IVA then the judge would probably throw it out anyway.....just my opinion, I'm not an expert. X
mrs skint wrote:Harsh but not surprising given the current banking climate. While profits are sky high, they can afford to write off debts. However, as soon as profits drop then the banks are under extreme pressure try to claw back as much as they can from whereever they can
Wow that is harsh
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