www.iva.co.uk

Hi there, im in the sixth year of my iva, i fell behind the last 7 months payment due to work circumstances changing. My financial situation is dire, ive got arrears with mortgage and secured loan and have been to court in relation to repossession. I had no alternative but to sell my house. However there is a restriction on my house sale which is been held up by the iva variation meeting, which i had 6 weeks ago. If this sale falls through i will be repossessed and declared bankrupt. Is there anything i can do?

Hi and welcome

What was the variation meeting for ?

Regards

As i was selling my house i had to make an offer to settle my IVA, this was 6 weeks ago and i havnt heard the outcome. The longer it drags on, the more likely i am to be repossessed and the IVA failing regardless

Hi, sorry I have no idea. My house was repossessed or I gave it back actually (took the keys and got a signature for them). There was an equity clause in our iva at the time. Our secured loan and the mortgage shortfall was added onto our iva as they became unsecured. If your house is repossessed can your loans mortage shortfall not be added onto your iva? Then somehow make a full and final offer on the remaining months and missed months usig the mortgage/ secured loan paymets you won't be paying? Clutching at straws really here just thinking out aloud for a solution. Your situation is slightly different as you are selling

If you have done 6 years surely you IP can pursade creditors to complete based on sums already paid?

Hi Matt75footy,

I'm sorry to hear you've run into trouble so late in the game. Do you know what the variation is for? Could it be to close your iva with payments to date?

x

Bol good idea. Maybe that will be the answer. You are probably feeling fed up now, but try and find the strength to ask all the questions. Phone your ip and ask! ask! ask! They are there to help you through. Who are you with?