www.iva.co.uk

HI all, not posted in a while, my joint iva with my wife,is in its final year. we have 69000 in equity and have predictably just failed in the two offers reqd.of re-mortgage.My IVA requires us to pay 53000 from the loan which will not be forthcoming,GT are seeking a variation for an additional 12 mths contributions, in February we spoke to two members of the variation team, who said it was very unlikely we would lose our home. Now a senior advisor told me it is possible that we could be made bankrupt,despite never missing a payment. this is perhaps more troubling as we have an autistic son who will require long term support.I mention this not to look for sympathy, Just to emphasise the difficulty

Hi.

Sorry to hear of your problems - we had a poster with another firm recently with the same problem and he has just had his variation accepted.

I take it there is nothing in your paperwork about an extra 12 months?

Contact Karol from GT who posts on here:

ivacustomerservices@uk.gt.com and ensure that "IVA Forum" is all that is entered in the subject line of the email.

If you email her via the above she may be able to look into things for you.

Hopefully it will all work out for you, I do hope so.

There is always a possibility that a variation could be rejected and creditors can seek bankruptcy proceedings. The difference here it seems to me is that GT are making you aware of a possible outcome whereas Payplan offer it on a plate to creditors.

I am sure you will be fine but GT are correct to at least make you aware of the worst possible scenario which no doubt they will do their best to avoid.

Hi, I am the other poster to whom Jan referred above. I had the same kind of thing - the business about bankruptcy was actually written into the variation proposal itself - it said that if the variation was rejected then my IP would terminate the arrangement and make me bankrupt. It caused me untold hours of stress to which several long threads on here attest. However, my variation was accepted with no modifications, so I am due to pay another 12 months. My equity release was supposed to be in the region of about £35,000, a substantial sum like your own. All the experts who commented, including Michael above, said that it was most unlikely that the creditors would wish to see a bankruptcy, not least as they would effectively gain less by going down that route than they would seeing the iva successfully completed. I'll mail you if you want to talk in private about the whole thing; just give me your address.

Thanks for the replies everyone, and the ray of hope brokebryn, how do I give you my email,as unwilling to post it on an open forum?

You're not allowed to post it Kevin but as administrator I can access both addresses so will pass yours on to brokebryn.

Many thanks Kallis3.

I've just sent him the email Kevin so hopefully he will be in touch soon.

This is the problem when significant equity exists. Nobody knows what things will be like in 5 or 6 years if you are just starting an IVA but its always a good plan to know what happens in the event that equity cannot be realised for the benefit of creditors!!

Paul

There is a company giving out secured loans up to 75% loan to value specifically to close down IVAs. This is another option available to Kevin and it could return a higher amount than a twelve month extension while closing the IVA down after 5 years.

Bryn - the email I sent to you has just come bouncing back to me - is the address correct in your profile?

Hi Jan, yep, just logged on and checked the account under that address and all functioning as normal - did u copy the address or paste it in?

I actually wrote it down as I'd copied Kevins.

I'll try again!!

Just sent it again!!

It's there now Jan Thanks