Firstly, thank you to those who have been kind enough to answer my questions, it is good to get advice, it does help!
My situation is that my IVA is due for a review in January, although i have not missed a payment on the IVA at the end of each month myself and my wife have absolutely no money left atall, as everyone can appreciate cost of living is at an all time silly.
If on reviewing the IVA the IP decides it is not working what is likely to happen? As previously posted I, like many others, do not want to lose my house, and i have made sure that all mortgage payments have been made without fail. If my IP decided to fail the IVA and apply for bankruptcy, am i correct in thinking that it is up to my mortgage provider if the house is to be sold. I have negative equity in the property and a secured loan on it.
If i am honest, i am a 32 yr old male, and for the 1st time in my life i am scared !
If your IVA payments have been met (even at a struggle) your IP wont fail the IVA.
If things are really tight, you could ask for a reduction in payments.
When you come to do the review, make sure you put in a realistic I&E so that you have enough to live on.
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
I agree with the others.
Your IP will not fail your IVA if you keep up the payments.
In bankruptcy you should be able to ask a third party[relative/friend] to purchase the interest in the house off the Official Receiver for a nominal £1 plus a few hundred pound in fees.As long as you continue with the mortgage payments and secured loan you will be able to keep hold of your house.
Regards
to comfort you - at the end of each month hubby and I have maybe £10 left in our account - most months our contingency has been used up too. Life in an IVA is meant to be hard, however you do need to be able to survive and not always looking over your shoulders - ensure your I&E reflects your actual expenditure and not what your IP wants it to read.
If need be ask for a reduction - we are all facing the high rise in costs across the board and we are all going to see things get worse before it gets better - your IP as others have said will not fail you if you have managed to keep your repayments going.
Keep smiling !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Life in an IVA is not meant to be hard, but your creditors will expect you to make an affordable payment each month based on your disposable income. If this has become unaffordable, then ask your IP to review the figures again with you to try and see the areas which were initially underbudgeted.
Your house ought to be safe from a bankruptcy, and given that ongoing payments are generally at a lower level under these proceedings, you amy also want to consider the merits of this process as well as the IVA if your IP refuses to be reasonable about your expenditure allowances.
