www.iva.co.uk

Hi we are just going in to our 4th year of our iva. on our last review 12 months ago they said that they don't see how we are managing to make our monthly payments from our last income and expendature, we manage because my family support us. I have just sent in this years income and expenditure and am worried it will say the same. My dad has offers me money to get us out of the iva but I feel uncofortable asking my iva company if this is possible. I do only have 1 year left in the iva but my dad is concerned that they will make me pay for a further 12 months as I have a small mount of equitey in our house. I also have a loan that is secured in our property that ends 5 months before the iva. I do understand that the iva will take the money that I have been paying to my secured loan as this will become surplus money, this will more than double my payments towards my iva so I could end up paying the larger amount for a further 12months. I could just do with a bit of advise if my dad can settle the iva early and what are the chances of me having to pay for a further 12 months. I will have paid back almost all of my dept less intrest by the end of my normal 5 years.
Thanks in advance if you can help!

You should contact your IP firm and explain what you have said here. Do a new I&E showing what the true surplus income is and base the full and final offer on this figure and not on what you have been paying. Your IP firm should also be able to advise whether the amount of equity would lead to an extension and with all this info you should be able to reach a figure which creditors would find acceptable.

Thanks for your help