www.iva.co.uk

we have been in an iva since 2006 in which that time we paid 5 years of wages plus half the overtime to the creditors.after the 5 years the payment side was completed sucessfully and the next 5 years we have been trying to get the equity to complete the process.to do this we had to get 2 statements saying we could not get the equity.having gone to numerous banks,building societies and estate agents none of which would print us letters of rejection.having tried several times to get in touch with our ip for help and advice either by telephone or email we were unable to do so.last monday we received a letter from the ip telling us that our iva had failed due to the equity letters and so telling us that the creditors will be at liberty to get whats owing plus 10 years interest on top.so we obviously feel we have been thrown back to the wolves so we are hoping any help and advice would be greatly appreciated thank you.

Hi and welcome,

So sorry to hear of your problems - which comany are you with?

My goodness that's 10 years is that even allowed ? Wouldn't this have to be failed at month 54 or certainly before month 60 at the most month 72 iva only last 5- 6 years - that really doesn't sound at all right gosh scary - would banks and building societies not even email you a rejection so you could forward this ?? I don't know I am not an expert but I would seriously getting all my iva paperwork together and seeking some sort of legal advise from a professional you must be devastated

I don't understand what you are saying about paying the IVA for 5 years and then trying to raise the equity for 5 years? Your IVA should have been 5 (or 6) years and then possibly a years extension. I would check your IVA proposal very carefully to see exactly what it says, making sure that it IS an IVA and not a DMP and take it from there as this most certainly does not sound right.

If this is an iva the company is significantly at fault.