As I have equity and can't remortgage I start my extra ,and final, year next month. I was hoping, with family help, to make an offer to finish my iva and move on.
I was told that at the creditors meeting I could be made bankrupt! Really? I have never missed a single payment in 5 years and 9 months (i have extended iva as I kept car and bike)
Can they,or will they, do this?
Thqnks all
That sounds like pay plan - ask them to remove that clause.
Worse case if refused is you see through last year.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
If it is then tell them to remove it and they will do.
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
Payplan seem to be the champions of putting this alternative into their variations --- they will remove it if asked. It is stuff and nonsense, BR would only be considered if you couldn't continue with the arrangement, and then, in rare circumstances.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I remember asking them about it a few months ago and they said tough luck, any advice how to approach them this time ? what to say ? would it make a difference that I have finished my main IVA and now on the extended year ?
ty
Payplan will remove this clause! I did it with them and I know others have.
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
Ask them to remove the clause - they usually do. The point is if creditors reject the offer and you can't make the extra 12 months payments you are in breach if the IVA and the creditors could insist on your Bankruptcy. I think Pay Plan therefore include this clause in the variation to save time if the offer is rejected but I think it's tempting fate a little and could encourage creditors to insist on Bankrupting you.
Don't wait too long - it takes a couple of months to put a variation in place so if you wait too long it won't be worth doing. I would therefore put forward your settlement offer asap.
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
