www.iva.co.uk

our iva was declined by our creditors.... due to our mortgage payments being too high £1050/mth, they said we could rent for less, which is true.

We put our house on the market, at the start of the iva process, however due to current housing market, not one offer yet. We are prepared to rent

Our iva provider has managed to have the meeting adjorned for 2 weeks, whilst a new proposal is drafted, saying that once our house is sold, we would be renting and have more money available to put into the iva.

What is the likelihood of them approving our iva on this basis?

Are you on interest only mortgage?

Do you have any equity?

It maybe possible to reduce your mortgage payments this way and also offer equity release in year 4

Just a thought,

Kirsty

thanks for comment. we are already on an interest only mortgage, and have minimal equity, due to house prices plummeting in northern ireland, only bought house a year ago and already price has dropped by approx 10-15k. Our iva provider had included in the proposal that we would do a 6 yr agreement, due to lack of equity.

suppose all we can do is cross our fingers (or win the lottery! [:D].... dream of that every day)

Sorry,

Hope all works out for you. fingers crossed

Kirsty

This must be really frustrating for you, what a pain.

Fingers and toes crossed that you can find a solution.

Debbie

Hi
Sounds a positive proposal to me
Good Luck

Surprised at that, we are paying £1233 per month mortgage, repayment. We also have a secured loan on the property. Have a litte equity but not a great deal. Nothing was ever mentioned to us about selling our house. We were accepted in April.

In fact, we have to ask permission if we want to sell our house.

we decided to sell house, and rent, to try and free up a bit more money towards iva, we have approx 42k debt and proposed £250 per month over 6 yrs, which was not acceptable. Our main creditor being Alliance & Leicester, being approx 50% of debt.

Though i wonder what will happen if we can't sell house within a stipulated time... due to current housing/mortgage crisis at the minute. We bought house last yr for £250k, now worth £235k approx... and probably decreasing in value every day... we have £220k mortgage plus £5k fixed deal fee to pay out of whatever we manage to sell it for.

Do these companies not realise they are forcing people who are more than prepared to pay a substantial amount of their debt off, into bankrupcy........ leaving no winners.... as they won't get their money back..

J.

tell you what though, its a good weight loss programme [:I] have ate a few pieces of fruit and a couple pieces of toast today.... felt so gutted at the rejection today.....

Hey ji ni, welcome to the forum. Please don't fret, you musn't stop eating. I think, from your first post, that the offer would be acceptable. You are doing everything you can to offer the best return, that's all the creditors can ask. Good luck and keep posting for advice and support. Viki X

what you dont want to do is lower expenses to try and raise the payments each month 6 years is a long time keeping to a tight budget and i mean tight [xx(]

its just so hard knowing what to do to be right.. total minefield all this... but iv found this site really helpful in last 4 weeks, even though i haven't posted much. Its' hard to accept that things have got to this stage.

but as you have said if they take a comparison of payments from an iva and then bankrupcy the dividend they are going to recieve is much higher so i wouldnt lose hope just yet maybe get a surprise soon i hope gl

You have taken on board the creditors objections to your first proposal and addressed them. In general I see acceptance as pretty likely, so long as the overall proposal is sound.

Ian