What will happen to my home if I allow my IVA to fail ?

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Jennifer.g

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Post by Jennifer.g » Mon Sep 22, 2014 2:27 pm
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What will happen to my home if I allow my iva to fail?
I can't keep up the payments, the iva company said I cant pay any less than the £150 im paying now.
There isnt enough equity in my home to pay the debts!!
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Foggy

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Post by Foggy » Mon Sep 22, 2014 2:35 pm
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Hi Jennifer. Why are you having problems with the payments ? Has your income dropped ?

Is there any equity in your home ? If so the creditors might be tempted to petition for bankruptcy.

More optimistically they might agree to a DMP. What level of debt are we talking about ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Jennifer.g

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Post by Jennifer.g » Mon Sep 22, 2014 3:50 pm
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Hi
My original financial statement was done over the phone and was never a realistic view of our expenditure, I have since done another which states we only have £40 spare each month yet im still paying £150.
As far as im aware there isnt enough equity in my home! I owe around £18000 :-(
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Foggy

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Post by Foggy » Mon Sep 22, 2014 4:50 pm
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Some firms will entertain a payment of £100, but under that it becomes unviable.

Who are you with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Jennifer.g

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Post by Jennifer.g » Mon Sep 22, 2014 6:50 pm
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Mccambridge duffy - I feel like they are behaving unfairly as they know I can't afford this yet aren't offering any help:-( it is me chasing them all the time!!
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Foggy

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Post by Foggy » Mon Sep 22, 2014 7:04 pm
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Michael Peoples from that firm is often on the forum and has been a great help to many. Hopefully he will pick up on this and assist.

If the IVA is unviable there is little they can do to assist. But I am sure they will look at the figures.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Jennifer.g

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Post by Jennifer.g » Mon Sep 22, 2014 7:38 pm
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Thanks for your time, hopefully Michael Peoples spots this;-)
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Michael Peoples

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Post by Michael Peoples » Tue Sep 23, 2014 9:18 am
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Hi Jennifer. Foggy has kindly alerted me to the thread and sorry if you feel we have let you down. Please feel free to contact me directly or speak to Roisin who is manager of the supervision team or your IP directly.

We will try and resolve this so please contact us as I would be unable to recognise you from your forum name. My contact details are in the ask an expert section or contact the office directly.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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