Payment predicament.

[SteveW35]

I have been in an IVA for 2 years my payments have increased significantly over the period. I recently accepted a job that has given me a significant rise in income however i do have to pay some expenses out of my own pocket.

My company pay my tax for me and all the income i receive is payed into my bank account, i believe i will receive my work country tax certificate in July, however my review is due at the end of this month. There may also be a tax charge for me to pay as well for the difference between uk tax but i am unsure what this amount will be. I am not sure what to put on I&E to accomadate this plus my expenditure for flights from Azerbaijan with recipts in my name and accomadation receipts but these are in Azerbaijani. I have converted all the amounts i pay into pounds. My problem is the country i work is all cash transactions etc but i do receive receipts in a foreign language, will these be considered on my I&E? I certainly hope so!!!!

My payments i am proposing have quadruppled from my initial figure quoted but i would love to take out the 60000 pound equity in my house and pay it towards my IVA or even propose a final offer. I can easily afford the mortgage and i know the 60000 pound would still leave a deficit from my original debt but at least i wouldn't have to depend on the 30000 pound payment from my father at the end of the IVA. If i could raise this money via remortgaging and make an offer and if it came back that i have to keep up my original payments till the end of 5 years, i certainly would be able to afford. I have contacted Northen Rock my mortgage company and they have not got back to me, maybe they have more things to deal with in the current climate.

What is the highest amount i can take out in home to loan value when in a IVA?

Would it be better for me to sell and buy a new house?

Are my I&E receipts acceptable or do i require them to be translated?

Can anyone give me some advice?

Steve

[MelanieGiles]

You will be lucky to be offered more than 85% LTV whilst in an IVA, and if your IVA includes an equity release at the end, it is unlikely that creditors would agree to release you early - especially if you are now making higher monthly payments.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp