www.iva.co.uk

I received my proposal and signed it and posted it off today, but still have concerns about it, our house is still not sold and because we have a 120% mortgage and a secured loan which, at this moment, Picture Finance are refusing to agree to the sale, so the IVA obviously cannot be proposed until we know the situation with the house. I am thinking now that bankruptcy may be the option for us if the house has to be left to be repossessed, but as I have signed the proposal, does that mean we are committed to the IVA? I am worried as the payments for the last couple of years are really high and I don't think we could keep them up, if that is the case, I would hate to get 2-3 years into the IVA and then have to go bankrupt, I'd rather it happened early on, before we tried to meet the repayments! I am not sure what will happen now, can the meeting still be arranged even though the house situation has not been resolved?????

Jane

You are not committed to the IVA until the date of your creditors meeeting, when you will be required to make a final decision. I am personally suprised that your IP is putting it forward at the moment, when there is a huge uncertaintly about the Picture shortfall. I would have arranged DMP payments for you until the house issue is confirmed, and then possibly considered whether an IVA would be viable at that time.

Also if the payments in the IVA are too high - and who has put this IVA together you or your IP!!! - then you must not enter into it. Where has the IP got the information from to base this on?

Remind me who you are using?

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