what if my circumstances changed

3 posts Page 1 of 1
Post Reply
 
 

lee_s

User avatar
Posts: 1
Joined: Fri Nov 16, 2007 5:34 pm
Location:
Post by lee_s » Fri Nov 16, 2007 5:35 pm
Quote
if i was accepted for an IVA and subsequently made redundent within the agreement term, what would happen if I could no longer afford the legally agreed sum per mont?
What would happen if there was a sudden property crash and my agreed equity release figure was no longer worthy? would the equity amount be calculated on the day of the release taking place or at the outset of the agreement?
what if my circumstances changed and I was earning less than I was when the agreement started?
Top
 
 

ray_a

User avatar
Posts: 750
Joined: Fri Jun 01, 2007 7:24 am
Location: United Kingdom
Post by ray_a » Fri Nov 16, 2007 6:33 pm
Quote
Hi Lee and welcome to the forum!

If you were made redundant after an IVA it would cause a lot of problems and there would be a good chance of failing!

as for a large fall in property values then it might be an extra year put onto the IVA!

Your finalpoint would most probably result in you having to go to your IP and request a variation to your IVA which would have to be agreed by your creditors!
Top
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:
Post by Adam Davies » Fri Nov 16, 2007 8:20 pm
Quote
Hi
If made redundant your IP will probably allow apayment break of upto three months for you to secure new employment,any longer and they would need to ask your creditors to extend the break further or fail your IVA.
If there was a fall in property prices and no equity available then your IVA will cease at the end of year five,without the need for an extra years extension.
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
Andam Davies
Top
Post Reply
3 posts Page 1 of 1
Return to “postings for november”