www.iva.co.uk

hi I had 2 months remaining on IVA plus £500 arrears which is 2 months payments, we can't release equity on our home so have been told we need to extend by another year. Also they now say I have 2 additional income reviews pending although I have sent documents on several occasions. Can I offer a direct settlement to my creditors here or am I obliged to do the through the company?

Must go via IVA firm, if you have over £5000 each of equity in property after 85% LTV calculation (or what your agreement says) then yes you will have to extend 12 months. Be sure check you are obliged of trigger equity release, some firms have been saying it when people are not required to. (Remember for example if a husband and wife own a house and it has £8k equity total, they only have £4k each which would be below the threshold, it's done on an individual basis as per "individual voluntary arrangement".

If the maths stacks up and you do need to extend You could offer 12 months plus the overdue amounts now via IP as a full and final to try and exit IVA early. Remember to state settlements value would reduce per each payment made in the event of delays etc,

Any offer needs to be put through the IP and you cannot contact creditors directly. They could not deal with you anyway even if they wanted to.

Half of them probably aren't the original creditors anyway so it might be hard to sort it out.

If you have a lump sum for settlement towards the remaining contributions (£4k by my calculations) then you need to offer it through your IP.