I have received a copy of report to creditors- my Iva is at month 60 in march 2017
The report asks the creditors to vote on the following
1 to offer a further 12 months payments
2 to extend the arrangement by 6 months to allow me to further investigate equity release (I have already tried for that and have been refused)
3 to fail the arrangement
How can number 3 be an option?
I have paid for nearly 5 years and am near the end
My supervisor has asked me to confirm I am happy for her to send the report.
How can I be happy?
What can I do next?
Any advise will be greatly received
Thanks in advance
I presume the equity release clause has been fully invesigated and no re-mortgage or secure loan is available therefore an additional 12 months of payment is being asked for. I would see no reason why creditors would fail your iva now - this most probably a standard clause/option that goes in - you need to ask for clarity to be sure though.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I would ask that the document be re-worded to reflect whatever it says in your original proposal, which is usually the option to re-mortgage (which has failed) or the option to extend by 12 months.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If your IVA is a standard Protocol one there may be no need to even ask creditors as the extension is automatic if you cannot remortgage. If however your proposal is not Protocol or there are other conditions attached by creditors then it may require a meeting.
For example there could have been a minimum dividend requirement based on a projected equity release which now cannot be raised and creditors could in theory ask for the arrangement to be failed if this is the case. Your IP should be able to explain your own individual case to you.
I think my IVA is a standard one because in my documents it states that if i cannot remortgage it wont be viewed as a failure to comply with the terms and the supervisor will have the discretion to consider accepting alternative proposals inc. a third party sum (is this borrowing from family?)
a maximum of 12 months contributions beyond the 60 month term.
I am so worried that they will fail it.
If that is the case then I see no need for another meeting of creditors. Demand to speak directly to the IP because if he/she has discretion to extend then it is needless to call another meeting. This could allow some awkward creditor the chance to make demands or even fail the arrangement when the meeting was not even required.
Tell your IP that you want in writing the reasons why they will not use their discretion to extend and why they are calling another meeting that could potentially jeopardise your IVA. Let us know what happens next.
Thank you for the advice I have phoned them this morning and stated all concerns -she asked me to put it in an email and she will pass it on to the supervisor- I'll keep you updated with their response
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
