5th annual review

Get expert opinion. This is the place for new questions to be posted.
6 posts Page 1 of 1
 
 

mikepapa

User avatar
Posts: 170
Joined: Tue May 12, 2009 5:58 pm
Location:

Post by mikepapa » Sun Oct 12, 2014 10:05 pm
Hi all,, we are now in our sixth and final year of our IVA ( I hope), we have to get house valuations next February i think, house value approx 165k, 116k mortgage, 23k secured loan balance approx. will our creditors demand another 12 months of payments if we cant release any money from our house? not sure if we could take another year of this, a 6 year IVA is more than enough. To top it all my wife's employer are relocating further away making her commute over 2 hours each way, and they might cut her days from 3 to 2 when they move costing us £280 mth, just feel we are so close to completion & we dont want it to fail at this late stage,, just feel a bit low atm,, its been a hard journey so far. roll on summer eh :-)
Last edited by mikepapa on Sun Oct 12, 2014 10:15 pm, edited 1 time in total.
Kind Regards, MP

IVA accepted 1st October 2009
 
 

luluj

User avatar
Forum Expert
Posts: 11333
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Mon Oct 13, 2014 3:18 am
Not sure any of us can answer if your IP will seek a further 12 months. From your figures you do still have a chunk of equity so they may opt for this. You could however seek a payment to date agreement when your wife's circumstances change in her employment ... asking someone to travel 2hrs each way is in my opinion extreme.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:

Post by Michael Peoples » Mon Oct 13, 2014 9:16 am
You may not have to extend anyway as the amount of equity which could be released at 85% loan to value is below £5k. Get the valuation and hopefully the IVA will just cease as normal.
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
 
 

Shining

User avatar
Posts: 27019
Joined: Thu Sep 20, 2007 8:57 am
Location:

Post by Shining » Mon Oct 13, 2014 9:21 am
Fingers crossed for you it does as Michael suggests it may do, then it will be over.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

mikepapa

User avatar
Posts: 170
Joined: Tue May 12, 2009 5:58 pm
Location:

Post by mikepapa » Sun Oct 19, 2014 6:21 pm
Thanks for your replys,, seems we will just wait until valuation time and see what happens, my wifes change in circumstances are my main worry atm, because it will mean a pay drop of around £280 mth.
Kind Regards, MP

IVA accepted 1st October 2009
 
 

wiggle1

User avatar
Posts: 600
Joined: Fri Jan 27, 2012 7:09 pm
Location: United Kingdom

Post by wiggle1 » Sun Oct 19, 2014 9:47 pm
Everything crossed for you!!
Life after IVA is wonderful.
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”