www.iva.co.uk

My stomach is in knots. My husband has posted off a letter to his ip asking for an early settlement figure due to the huge strain its having on our marriage and the prospect of another interest rate rise. Am terrified its going to be too much due to the equity being ESTIMATED. ( could probably at a push raise slightly more but wont leave us that much better off) I dont know if i could cope with 2 more years of rows and depression. We are hoping just to have to pay next 2 years of payments plus 15000 equity as this is more affordable with interest rates ever on the increase.

He isnt trying to get out of his responsibilities or trying to pay less than originally agreed. We are just trying desperately not to let this spoil what used to be a very loving marriage. Do you think they will want a lot more than that or wait and take a gamble in year 4 when again due to interest rates, it will be very unlikely we could raise that ammount anyway

Hi
I think that you are in with a good chance,what sort of feedback have you had from your IP ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

We only posted off the leter yesterday and asked for a settlement, we said that we had made enquiries and had been tol by a broker that we could raise a lump sum by way of remortgage, to hopefully meet a full and final settlement( i hope we were not wrong to enquire)repayments would keep us within what we already pay between iva and mortgage. I dont even know how long it would take for him to reply but we are sat here with everything crossed hoping it wont be a lot more than the next 2 years payments plus the 15000 equity which as i said was only stated as an estimate

If your offer is based upon the future contributions and a realistic estimate of property equity, it has a good chance of acceptance providing the IP makes clear that there are very good reasons for supporting the offer - ie that the IVA is having a serious effect on your marriage. In my experience, variations to IVAs are rarely turned down, but your husband must still show that he is putting his best foot forward.

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