Posted: Fri Aug 24, 2007 7:26 am
Question for the experts....(a long one!)
My original IVA was for 127K but at my first review actual creditors were only 111k (all had submitted claims) Im just claiming my bank charges back (hopefully) that could further reduce my IVA total to under 100K.
My IVA promised to return 18p/£
I am 15 months into my IVA (no probs so far) and have 55k equity in my home.(up from 22k at start)
I have 2 businesses,one as a sole trader that brings in half my wages,another is a partnership that brings in my other half.
Unfortunately my business partner has found my IVA restrictions increasingly difficult on HIS joint business. (he funds the business and I do the work) I have had to cut up the company business card,we can now have no overdraft facility,and no borrowing.(which on the whole we didnt anyway,but there was the odd time here and there in the past that we did)
My business partner has started muttering about giving up the business because he is sick of the restrictions that my IVA is having on him (hes quite a proud man) If he does give it up I loose half my income and my IVA will most certainly fail, leading to bankruptcy!
I have written to my IP explaining my position and asking if I could raise £35k from the remortgage and money from family wether creditors would look at ending my IVA early?
Do the experts feel my reason for wanting to offer full and final was a reasonable one,and would the figure I proposed be a sensible one ? (if they wait for year 4 equity release there is the possibility the house might have been reposessed by then if I loose half my income)
Thanks
JPJ
My original IVA was for 127K but at my first review actual creditors were only 111k (all had submitted claims) Im just claiming my bank charges back (hopefully) that could further reduce my IVA total to under 100K.
My IVA promised to return 18p/£
I am 15 months into my IVA (no probs so far) and have 55k equity in my home.(up from 22k at start)
I have 2 businesses,one as a sole trader that brings in half my wages,another is a partnership that brings in my other half.
Unfortunately my business partner has found my IVA restrictions increasingly difficult on HIS joint business. (he funds the business and I do the work) I have had to cut up the company business card,we can now have no overdraft facility,and no borrowing.(which on the whole we didnt anyway,but there was the odd time here and there in the past that we did)
My business partner has started muttering about giving up the business because he is sick of the restrictions that my IVA is having on him (hes quite a proud man) If he does give it up I loose half my income and my IVA will most certainly fail, leading to bankruptcy!
I have written to my IP explaining my position and asking if I could raise £35k from the remortgage and money from family wether creditors would look at ending my IVA early?
Do the experts feel my reason for wanting to offer full and final was a reasonable one,and would the figure I proposed be a sensible one ? (if they wait for year 4 equity release there is the possibility the house might have been reposessed by then if I loose half my income)
Thanks
JPJ
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