Hello,
Wonder if you can help please? My Husbands iva is due to finish in July after five full years of paying consistently every month. We have tried to remortgage but cannot. Our IP suggested various high interest secured loans over 15 years but we refused as that is not mentioned in his original T & C's. We thought it would be straightforward enough in that he would just have to pay another 12 months into the IVA as stated in the original paperwork, however we have just been advised that they are going to terminate his IVA and make him bankrupt due to there being equity in our joint owned property. The equity they want is over £17k . If I thought this was going to happen we would have just went bankrupt 5 years ago but tried to pay back and keep a roof over our childrens heads. Please advise what our best options are. Thanks
They don't have a leg to stand on if his IVA does not provide for secured loans, and I am appalled that they would even be suggesting this without good grounds.
I would ask them to point out the clause in your proposal docs and chairman reports where it states secured loan .... as Mel says they are on a sticky wicket ..don't give up without a fight !!!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
As I said on the other post make sure that you do not have anything in the proposal or modifications requiring a minimum dividend. The extension may not be automatic and a variation may be requirede.
It is another meeting of creditors to vary the terms of the original IVA. Your IP will have to call one if the terms do not allow for an automatic extension.
