will now have all the worry back again

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Post by peteg » Thu Nov 29, 2007 11:07 am
I am now in the final year of my iva - I have been told that
my original debt of 15145 that I would have to pay 89% of my total
half of my equity on my home and although this has been requested by
my creditors I have to pay my husbands creditors as well - on top of
this are the fees of over 5K - to me I will not be debt free in 5
years - I will lose 89% of my equity and then have to remortgage - I
am concerned and upset that I have not gone into this with my eyes
open and I will now have all the worry back again


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Post by Skipper » Thu Nov 29, 2007 11:26 am
In an IVA you are suppose to pay back as much as you can afford. So even if you pay 100% back you have benefited from a cast iron debt relieve policy as compared with a DMP where you could be paying interest which could be the same as the IP fees???

I don't know if you were advised to do a DMP from day one but most IVA firms would have informed you about all options and then the best best to be taken.Hypothetically,even if you opted for a DMP creditors could have seeked charging orders on your property in effect taking a chunk of it which would caused indignation.

With the anticipated stagnation of future house prices I can see how the EQ you are paying out wouldn't be recouped throught the leap in house prices as in last 7 years.

I share you sentiments

"Always think outside the box"
Last edited by Skipper on Thu Nov 29, 2007 11:53 am, edited 1 time in total.
"Always think outside the box"


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Post by MelanieGiles » Thu Nov 29, 2007 11:56 am
I am sorry but I don't really understand the post? What is it that you are actually complaining about?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:

See customer feedback at:
Regards, Melanie Giles, Insolvency Practitioner
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