Hi there, in late July/August my IP advised that he would recommend that my IVA complete after the 60th payment due October as there was no equity and still a large secured loan on our property (IVA just in my name though). I feel like I did five years ago when waiting for the phone call to see if my IVA had been accepted - I asked recently if you thought it would get extended but your advice was that you didn't think so because the IP had advised in this way. Last I knew a creditors meeting was to be arranged for this proposal to be made and as yet I have not heard anything - IF it goes my way which I pray to God it does what would happen then? How long before I should hear of things moving and how long and what is the procedure for receiving the certificate etc? I feel sick with worry and I am so scared to dream that it might just all be over soon just in case it isn't. It has been a long five years and it has been hard as I have faced redundancy, the loss of a close loved one and all the normal things - I never thought I would get here but it's surprising how quickly it does go by. I have had a payment break during my IVA due to redundancy but always stayed within my agreement. I just very anxious do you have any advice - I know it sounds silly but I am frightened to phone them and ask incase it's bad news. I will breakdown either way to be honest just depends whether its joy/relief or disappointment. May I also say that this site has been an a lifeline for me - I haven't asked many questions as often you can find the answers from reading other peoples posts but this has really got me through and gave me some really sound and invaluable advice so thank you to you all for giving your time and professional opinion I can't tell you how grateful I am xx
I would pick up the phone and speak to your IP to see if a meeting date has been arranged or not. Once the meeting is held then your IP will let you know the outcome. If it is accepted then your IVA will complete and you'll get a completion letter.
If not then I assume it would be extended but your IP is the best one to advise.
I know how you feel about phoning up but it would stop you from worrying about it.
Hopefully it will all go your way. Let us know.
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
My first comment is please try not to worry, although it is easier said then done
If I understand your situation correctly, your IVA is set to end but you met monthly contributions but no equity in your property is possible? Your IP should give you some options on how to bring closure to your IVA by now?
I am still in the process of ending my IVA but was also in a similar position last year. Basically, my IVA was due to end after 60 months but because there was no equity in my property and was unable to remortgage, the minumum dividend was not met.
A variation meeting was arranged and my new proposal asked for the mimumum dividend to be waived, the IVA was extended for 12 months as compensation, I think this is common practise in the industry, although all IVA's are treated differently dependant on the Individual. Anyway, I got 90% vote with the creditors and now due to end in October this year.
I would expect some of the experts to give their viewpoint but thought I share my experience with you.
Stay strong Helen and I hope it will all come good in the end.
It is our pleasure to help you Helen and I am glad that you are finding the site so useful.
I would guess that your variation of terms will be accepted by creditors, but try to push your IP along to calling the meeting as they ought to understand how worried you are right now. Best of luck and all fingers will be crossed for you on the day.
