www.iva.co.uk

Hi

I am in my second year of my IVA - I asked my IP about 8 months ago how much I owed and she said it was around £41,000. Two Months ago I informed my IP that my wages had decreased significantly due to my pregnancy, as I am no longer able to work any overtime, and that I could no longer afford the full monthly payment to my IVA. I received a call from my IP last week stating that I could be looking at them forcing BR unless I could raise equity from my property. My mortgage lender will not lend me anymore money. I have asked if I am able to sell my property whilst in my IVA to raise funds to settle IVA, However I will need to first pay off my mortgage and secured loan which would leave me around £20,000. They are very slow and not very helpful in answering my questions (Credit fix)

Do you think they will accept £20,000?

Thanks

Well they would have to put that offer before creditors, but if that is the best offer available and would be the same amount of money being available under bankruptcy proceedings I cannot see why they would not be prepared to put it forward - remembering that it is your creditors decision ultimately and not the IP's.

If I were advising you, I would make sure that you were left with enough money from the sale to pay for relocation costs, such as removal costs, rental deposit etc, so this might be worth considering with your IP as well.

Hi Melanie

First of all, thank you for your prompt response!

I have just managed (after a week of trying to get hold of someone) to get an answer, I have been told that I am able to proceed with getting valuations of my property and putting it on the market.

One thing that I was particulary worried about, was the relocation as you mentioned in your reply,would my IP have dictate how much money I would need for relocation or would that be something that I propose to them? I.e. Letter from landlord stating how much deposit will be required, also quotations from removal companies?

Hi
Make some enquiries as to how much you will need to cover securing a rented property so that your IP knows how much will be left over
Regards

Yes - those figures should come from you, but will need to be substantiated by written quotes.