www.iva.co.uk

I can't keep up IVA payments. I have received a demand for full and final payment of £500. Please could you advise?

Who is the demand from ? Full and final payment of what ?

As for keeping up with IVA payments, you need to discuss this with your IP to sort out any specific problems that can be addressed.

Hi Neil and welcome to the forum.

What exactly is the demand for? Is it from your IVA company? It would be helpfull if you posted a few more details.

Hi I cant raise the 5,000 due to Loan to value of 70%. Is the only option really bankrupcy ? my wife is in part time eployment with a clean credit history, perhaps she could borrow the money. I would pay the monthly amount. Seems a real shame to loose the house all for the sake of 5,000. Can i just thank everyone who has replied and helped me. Some decent people out there, thanks again Neil.

Speak to your IP as soon as possible. Hopefully this can be sorted quickly.

You are obviously close to the end of your IVA and nobody wants it to fail at this late stage.

Hi Neil, have your circumstances changed?

How long have you been in the IVA?

Hi Neil - if you are talking about your equity clause, not being able to introduce the £5k from a re-mortgage will not lead to yur iva failing. Standard practice is to pay an additional 12 months in lieu of equity. Have a word with your IP. It is very common at the mo as no-one can re-mortgage xx

Hi and welcome
Where has the 5k demand come from ?
Regards

If this is equity -- it's borderline deminimis. Maybe the sums need to be looked at again.

First thing to do is calm down. It sounds like you are getting in a knot about nothing. As previous posts state get in touch with IP, i think you are getting hold of the wrong end of the stick here. Nobody, including IP, and creditors want your IVA to fail, there will be a solution.

We need to know more about the OP's circumstances before we can advise further but the IP is the best one to sort this out.

I hope you get to speak to your IP tomorrow. I'm sure they'll put your mind to rest. Let us know how you get on xx

I agree Neil give your IP a call and talk with through with him/her, hopefully a way forward will be found, losing the house like you say would be a shame. x

Before all of us jump to any more conclusions, can I just point out that none of us know the specific terms of Neil's IVA - and if it is at the end of five years then it will not be covered by any of the IVA protocol terms I see referred to here. Whether this is a failure point or not, will be dictated by the actual terms of the proposal - but clearly there may be grounds to offer an acceptable alternative to creditors though ongoing communication with the IP acting. It is very usual these days for creditors to agree to accept an extra year's contributions by way of variation, even though this may mean a lesser return.

Hi all, my IP has already extended the term of the IVA, it was for 4 yrs originally, im now in the fifth yr i cant raise the equity owed due to LTV on house etc. My IP said my creditors could accept £5,000 for full and final settlement. if i could obtain this figure. problem i have i cant get a loan because its illegal i cant re mortgage, so the only option is to end the IVA and declare bankrupt. hope this clarifies for you