www.iva.co.uk

hi me and my wife have been in an iva since june 06 we pay £555 per month and the final payment is £33000 plus £1000 in equity in our house in the final year.we have four children and we are struggling i get paid monthly and after iva payment and living costs we have nothing left,we dont know where to turn all we have is the house and nothing to show for the debt we owe.

I have read some nightmare storys that after 12 months it is reviewed and may go up well we wouldnt survive.we added up that we have paid
10 months tommorrow £5550,if we were to raise money from relatives what would be accepted in your opinion to finish it early would £15000 +£5550 finish it your answers would be much appreciated.

hi me again what happens if you managed to raise the money and they refused would everything be canceled? and back to square one.my iva is with myvesta they are not mentioned much here i have seen.

Hi Biker
Can you just confirm the following for me
Value of your house now
How much is the final year equity release[£1000 ??]

If your IP proposed a variation meeting for a full and final settlement and it was not accepted then you would just continue with the original IVA[there may be added IP costs but these could be paid at the end of the IVA by an extra payment or two]
Finally your payments would only increase if your IP felt that your disposible income had increased,by the sounds of it this will not happen to you.

Creditors may not be too amenable to a variation so soon into the IVA, and you may find that this is not permitted within the first two years in any case.

You should not raise the money you intend to offer until creditors have either accepted or rejected your variation (if one is possible).

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk