What happens is what is detailed in the agreement. Creditors accept, these days, that you will not be able to remortgage and settle for the extension. However, some agreements ask for a secured loan instead.
Do you have any alternative solution in mind if you allow the IVA to fail ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Agree with Foggy but need to know if you have had your creditor meeting?
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
Hi Ali - do you mean if creditors don't 'ACCEPT' the final payments?
Creditors have already agreed to the extension as part of the proposals. So as long as your IP is satisfied that you can't remortgage the 12 month extension should apply. Creditors shouldn't have to vote again on this.
