I cannot afford to extend IVA. My partner, who is not part of IVA has been made redundant.

[noel]

Hi , I am 76 months into my iva , which has been extended to 84 months after a 12 month break from payments.
My equity value is 22,000 , but I received 2 refusals for loans to release this money.
My partner , who is not part of the iva has been made redundant and therefore from my income and outgoings latest figures show , I cannot extend 12 months because basically I cannot afford to?
pay plan are planning to discuss with the creditors whether they will except a paid to date meeting , which I am led to believe the iva will end as paid up.
The creditors stated in the last amendment meeting that they did not want the iva to proceed beyond 84 months ?
Pay plan are informing me that should the creditors refuse the paid to date meeting , they could in fact fail the iva and make me bankrupt ?
Pay plan are claiming they have never faced a situation similar to this , but they feel confident the creditors will vote to accept the iva as paid up.
Any advice would be appreciated please regards NSH

[Foggy]

Payplan always warn clients that the creditors could make you bankrupt -- indeed I believe they mention the possibility to the creditors in the variation proposal. In the past clients have insisted that any mention f bankruptcy be removed from the variation, which they have done .... why ask for trouble ?

I find it hard to believe that, with the thousands of clients, they have never come across this or similar situations. Indeed, these situations often come up on the forum and I have seen a few accepted as paid to date due to ongoing unaffordability due to changes in circumstances. Mine was closed for this very reason, but not with Payplan.

[Adam Davies]

Hi

As you have no disposable income I can't see any other outcome other than payments made to date as full and final payment

Good luck

Regards

[Michael Peoples]

This is a common occurrence and like Foggy I find it bizarre that Payplan say they have never come across such a situation! Given your circumstances I believe that creditors will accept payments to date especially as Payplan are funded by the banks ands regularly receive referrals from them.