www.iva.co.uk

Hi, I'm new to this site, wish I'd looked for one earlier. 6 years ago we found ourselves in financial difficalty and our bank of 15 years refused us any help. We signed up to the CCCS and paid our creditors what we coul aford. After 12 months we had to either go BR or take out an IVA. We've now paid for 5 years, but due to the stress and being made a prisoner in our own home I suffered heart problems which lost me 8 weeks off work. The firm we are with got our payments reduced but then said we have to pay for a further 12 months. I'm now on the brink of redundancy and they want a chunk of this too. I also have to have our house valuated, I doupt any company or bank would re-morgage me being 51, unemployed and suffering heart problems. After 6 years of my life taken away, and there have been suisidal moments in there, can someone give me advice on how to end it.

So you have paid your iva for 5 years?

How much equity is in the house?

What does it say in your proposal for what happens if you are unable to release the equity(often this involves an extra 12 months contributions in lieu). I assume the extra 12 months you are already doing are to make up when your payments were reduced.

How much of your redundancy are they suggesting taking?

What company are you with?

Paul

Hi Dappa, welcome to the forum

It can be a very stressful process and I understand your pain many people on here have had dark powerfully soul destroying moments as well but with strong friends, loved ones or just by talking to other people on this forum you can regain strength and see a light at the end of the tunnel.

Not knowing your personal circumstances or how much equity is due for release it's hard for me to know quite how hard or not it will be for the creditors to agree a closure via variation. I would, however, state that your health and ultimately your life is the most important thing here and if you are suffering heart problems as a result of being in an IVA with fear that another 12 months will worsen your condition I would get a letter from your GP and forward it to your IP and ask for a variation meeting asking if due to poor health and your upcoming redundancy the creditors can consider accepting full and final based on your payments so far. It's definitely an avenue worth investigating with your health and work prospects looking as they currently do.

Sorry you have been unwell and hope you stick around on the forum and gain some comfort from others in similar situations to yourself and know how hard it is.

Take care and good luck

Yes Paul, 5 years with Robson Scott and 1 year with Consumer credit counselling services Which wasn't taken into consideration.
The extra year, coming up, was added due to the reduced payments and I think they need aprox a fifth of my redundancy money. They are trying to end it sooner due to the fact I'm on short time working at the moment so I just hope they can end it as soon as pos.
It's just after 6 years I've wanted to scream at someone and then I go and find this site. My wife has always felt ashamed of our predicament so we've had no-one to talk too about it. Like I said I wish I'd looked for this site before. Dave.