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The story so far:-

My pre-protocol IVA was started 03/2006, Debts were £64K, proposed dividend was 58p but increased by modification at creditors meeting to 68p along with the equity release in year 4 clause. Situation now is I am 56 months in, I have no realisable equity – LTV is 97%. As requested I have tried to re-mortgage and as expected have failed, evidence of this has been provided.

At this stage it is projected that dividend achieved at month 60 will be 79p, charges are in the region of £9K. My IP has called a variation meeting proposing that IVA is concluded at month 60, I have agreed to the proposal being put forward and am eagerly waiting for the creditors meeting.

As part of my preparations I have to consider that the variation may be rejected by creditors and have started to research the alternatives. My IP’s administrator has indicated that should the variation be rejected then an extension would be proposed in order to increase the dividend. I am not trying to dodge my responsibilities but wish to balance my debt repayment with getting on with the rest of my life. I have read the IVA proposal and modifications, there is no mention of extending the agreement if I have no equity to release. If I had equity but was unable to re-mortgage it is clear to me that I would have to make arrangements to pay more into my IVA.

So, all this is hypothetical but extremely important to me, if my term is extended obviously I would take this up with my IP even though it's not really the IP's fault, if this fails where do I go?

Hi
I am sure that your IVA will be concluded as there is no priovision to extend your IVA if you can't release equity
You have no equity to release so I can't see why creditors would or could insist on an extension
Good luck
Regards

Thank you Andy,

Even after nearly five years these things still get to me. The advice and support on this forum is invaluable.

I'll update my experiences in the hope it may assist others.

Regards

I'll be amazed if this variation is not accepted. Do let us know how you get on.

Great news!!

After an adjournment for an admin technicality the variation was approved today, my last payment is 1st March 2011!! It's a Christmas present and a half.

Regards to all

congratulations and heres to a debt free future and have a relaxing xmas knowing its not long now

what brilliant news at this time of year, hope your new year is happy too

Extremely good news Ivoryfalcon. This just shows that generally speaking creditors will agree to sensible IVA variations where they are appropriate.

Thank you everyone,

It seemed like a long road in the beginning, facing up to our debts was the hardest challenge, dealing with them by way of an IVA was the best decision we made and five years have just flown by!

The thing that worked for me was keeping in contact with my IP and the advice from this forum, both those put together made a world of difference to us.

Regards to all

I think that is extremely good advice Ivoryfalcon. Keeping up a regular dialogue with your IP is very good practise as it shows your commitment to your IVA and will help in times of difficulty.