Hi the modification reads as follows: Six months prior to the expiry of the IVA there should be an attempt to release the debtor's net worth in the property. The review date would normally be after month 54, unless the IVA has been extended for any reason. However, where the debtor is unable to remo...

My husband and I both have IVAS and are at month 54. The house is valued at £125,000 and mortgage is £108,500, so our supervisor have said there is no re-mortgage requirement but we still have to pay an additional 12 payments. They have taken the difference between value and mortgage and then calc...

My husband and myself both started IVAs in May this year. My husband is self employed and his accountant has just completed his year end (April 2010 -March 2011) and because his taxable income is less than estimated to Tax Credits, we are due an underpayment from them. Do I need to declare this in v...

Thank you for your reply. My husband's year end is 31st March, so is Self Assessment has not yet been done so don't know what is tax bill will be for 2010/11 period yet. Does it mean that he will not pay this bill in full in January next year?

Look forward to hearing from you. Regards

My Husband and I have just had our proposals drafted and have signed and returned them to Payplan. My Husband is self employed but does not owe any tax etc purely credit cards and loans. However, included in the list of creditors is HM Revenue & Customs which is for the estimated tax bill, even thou...

Thanks for all your advice. Am going to write to all our creditors to explain cannot meet their minimum payments but will send them a token payment as that is what Payplan has recommended. Not looking forward to receiving the harrasment from the credit card companies/bank loan companies whilst tryin...

My credit record is Poor with Experian due to the level of debt owed but have not missed any payments or in arrears with anything, as only cancelled loan direct debits yesterday.

Look forward to receiving any advice

My IVA has not been approved yet, only in the initial stages but have been told to set up a new bank account. Presumably I will need to transfer my direct debits to the new bank account and have my salary paid into it etc so that I can close the Lloyds account. So am still unsure as to what I say fo...

I am going go open a basic bank account tomorrow with Norwich & Peterborough, as we have no debt connection with them but do I tell them we are starting an IVA and if not what reason do I give for only wanting their basis product?

We have just started the IVA process, ie, agreed to go down that road and I am really scared by it all! My husband is self employed and after deducting his business expenses has a reasonable monthly income. However is net profit that is used for tax purposes is after deductions for "paper figures", ...

Hi Sorry to sound naive but do I wait until my next loan repayment is due before sending a token payment, as no doubt when I cancel my direct debits I will receive correspondence from the loan companies. I have about 6 direct debits to cancel, do you think my bank will wonder why I am cancelling the...

We are just about to start the IVA process and have been told to cancel all direct debits for loans and offer a token payment. Do I send a token payment when I receive a letter from the loan companies to say the DD has been cancelled? Do I tell the loan companies that I am starting the IVA Process?