www.iva.co.uk

I've made 59 payments (hard work but hopefully worth it) I have an equity release clause in year 4 but haven't been able to remortgage and the equity isn't what it was.

My IP hasn't mentioned what will happen after 60th payment, I looked at the original proposal and the amendments, one states that the iva should not exceed 66 months another states 72 months. Which takes priority?

It also states that agreement will fail if agreed 40p in £ isnt met. This isn't going to happen because the equity release isn't happening. Yet despite this knowledge my IP hasn't called a variation meeting to address this.

I'm really struggling due to cost of living increase and cannot cope with another 12 months of payments.

Plus I have been offered a new job but will need to buy a car to travel to this new job. I know that IP can call a variation meeting to agree to car finance but surely that won't be a quick process considering my potential new employer wants a decision asap!

Typical that I manage 59 payments without any major problems and now i get offered a job but need a car???HELP???

Hi and welcome.

Sorry to hear that things might be going a bit pear shaped when you are so close to the end.

You do need to badger your IP immediately to find out what is going on.

What company are you with?

Hi sith - well done for getting so far! If I were you I would speak to your IP and ask them to propose that your payments to date be considered as sufficient to end the IVA. You can mention about your job and having added expense in the next 12 months - if you don't ask, you don't get!

Thanks for the replies guys, I'm going to try and speak to them tomorrow. I'm with Freeman Jones. Not sure what rep they have?

Check your proposal. Protocol compliant IVA's have a clause in the proposal to automatically extend by 12 months to compensate for equity not being released. Therefore, variation would not be necessary. Also, the IP has discretion to allow credit if necessary, if it isn't detrimental to the IVA, so just ask with good reason.

This IVA will not be protocol compliant as it is way before that. They only came in in 2008 and were superceded again in 2010.

Therefore the protocol will not apply to Sith.

Hopefully he will be able to finish after the 60th payment.

I don't know what to say on this as we dont have any equity but do want to wish you well and good luck in getting this sorted how amazing to come so far and how horrendous the situation at this stage.
Hugs from Oscar

Sith - give your IP a ring and speak to them...I am confident they will resolve the issue and work with you to find a solution around closure to your IVA.

With regards to financing a car for work you may want to look at people like Dunctons who help people in IVA's - there APR is high, but you are unlikely to get a loan from anywhere else at present so may have to stomach the higher rate of interest - but it will give you opportunity for a reliable car.