When I took out my IVA in 2007 I had shares from my employer that can be sold in chunks each year to pay to creditors. The value of them a the time was included in my IVA dividend.
Due to the credit crunch these have fallen by over 80% in value. There was nothing I could do about this as I could not sell them.
My question is what happes about this loss in value? Can my IP insist I pay back the original value (i.e. extend the IVA).
I'm really worried about this - it's bad enough having to pay my monthly payment for another 3 years.
I have no idea! As you still have a while to go on your IVA, hopefully the value will pick up again before you are due to finish.
One of the professionals will be along with advice shortly.
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
It is a little similar in effect to house price falls over the last year or two and whilst unusual it is no means unique. The only thing you can do is to discuss it directly with your provider and get their take on the matter.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Why the reluctance to raise this with your IP. It cannot hurt to ask and you are paying them a decent amount.
I have spent the morning pinging emails back and forth to my supervisor and he has replied to all my questions(6 mothly review of my scottish trust deed).
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
