Never been so worried!!! Please Help

[kallis3]

It is in no ones interests for the IVA to fail now with you having got this far.

What usually happens is that a creditors meeting will be convened and normally extra time will be added on to the end of the IVA.

It is not your fault that the bottom has fallen out of the housing market.

Try emailing your IP direct rather than dealing with office staff. You can find them via this link:

http://www.insolvency-service.co.uk/newipsearch.htm

[MelanieGiles]

This is one of the problems of low contribution based IVAs where such a high reliance is placed on a future equity release which to be frank is completely out of everyone's control.

To base an IVA on the realisation of equity which represented 65% of the overall contributions is a very dangerous practice in my opinion, but as Michael has already said some variations are being accepted at lower levels as it is recognised that things were done in certain firms a long time ago which were perhaps inappropriate - of course no-one really forsaw the extent of this credit crunch either.

I do think that the person you spoke to ought to have done their homework first - they way you were spoken to today, doesn't do much for IP/client relations.

[kabby3]

Melanie feel so much better now you have had some input so could IVA fail or do I have to just wait and see? Feeling quite scared and worried xx trying not to panic too much. What do you think my next move is?

[Adam Davies]

Hi
You would have thought that the person that you spoke to would have had a conversation with the IP before contacting you and putting the fear of God into you.
I too am sure that your creditors will accept a one years extension and your IVA will then be over and you will be debt free
Regards

[MelanieGiles]

I agree with Andy - a common sense approach is needed here, together with an offer of variation with a very strong recommendation from your IP behind it.

[kabby3]

Melanie wish I could push back time you would be guiding me through this now!!So have to wait 28 days I think that's what she said, also I think Molly said that the IP can agree terms without going to variation meeting is this correct. I would be so happy to pay another five years as long as I can keep my house I did tell this to my contact at FJ but she said that's not possible? If it concludes after the 60th month I would be so happy just hate in uncertainity x