Another IVA!

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Hank56

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Post by Hank56 » Sun Sep 26, 2010 6:52 pm
Hi, just wondering.....my wife and myself are into the final six months of our IVA and no way will be able to get a remortgage for the final amount (£101,000) due to the current economic climate coupled with my wife being out of work at present'
Short term, we are hoping for a twelve month extension, but after or failing that, is it possible to obviously fail our current IVA, then attempt to take out a new IVA for the full five years again?
Thank you.
 
 

Shining

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Post by Shining » Sun Sep 26, 2010 6:56 pm
Hi there, well done for coming this far within your IVA. I do think the 12 month extension is fairly common these days and it would be in the best interest of anyone for your IVA to fail now. After making 12 extra monthly payments in lieu of equity your IVA would conclude successfully (that is how I understand it).

Is your IP aware of your current situation in respect of your wife?
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Sun Sep 26, 2010 6:57 pm
Hi Hank,

I think you need to speak to your IP about this.

Why would you want to start again after 6 years? You might just be able to continue on for a further twelve months.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Broke of London

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Post by Broke of London » Sun Sep 26, 2010 6:57 pm
Fingers crossed for the 12 month extension in lieu of equity. If this isn't accepted, perhaps you could propose an additional 24 months? Not ideal but surely better than the possibility of starting again.

I don't own a property, but lots of posters do 12 month extensions irrespective of the level of equity.

Let us know how you get on. x
 
 

Hank56

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Post by Hank56 » Sun Sep 26, 2010 7:06 pm
Hi, thanks for the replies, our IVA was informed my wife was out of work and we sent the relevent requested information a few weeks ago, but no reply as yet!Not holding my breath as our IP (Debt lifeboat) are as much use as an ironing board in a nudist colony!!
 
 

Shining

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Post by Shining » Sun Sep 26, 2010 7:12 pm
Your comparison has made me laugh so much Hank56!
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Hank56

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Post by Hank56 » Sun Sep 26, 2010 7:34 pm
Thank you Lesley
Though I did actually mean it....they were good with me up until a year ago when I was administered by Baker Tilly in Brighton, but now.....since becoming Debt Lifeboat they are just a pain in the butt and at times incompetent!
 
 

Shining

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Post by Shining » Sun Sep 26, 2010 7:37 pm
It must be so frustrating, I think within an IVA communication is key for it to be successful from both parties. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Sun Sep 26, 2010 7:54 pm
Quite agree Lesley - had no problems so far thankfully.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Broke of London

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Post by Broke of London » Sun Sep 26, 2010 8:20 pm
Love the analogy Hank. I know an IP like that too. As useless as a chocolate teapot...or at least he would be if he wasn't too lazy to do anything!!
 
 

Hank56

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Post by Hank56 » Sun Sep 26, 2010 10:12 pm
Anyway...back on track, you really think it is a possibility to have my IVA extended by one or maybe two years with no lump sum at the end (not forgetting I need £101,000 as the final payment and I am paying £695 a month!!)
 
 

Broke of London

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Post by Broke of London » Sun Sep 26, 2010 11:00 pm
A 12 month extension seems to be the most common solution to not being able to remortgage. And it is a problem 99% of people with an equity clause are experiencing. I am sure your IVA wouldn't fail as this is beyond your control. Get on to your IP first thi g and let us know how you get on. Best of luck to you and the missus
 
 

MelanieGiles

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Post by MelanieGiles » Mon Sep 27, 2010 12:44 am
There will ne no need to be even thinking about another 5 year IVA - common sense is bound to prevail and your creditors are sure to accept a 12 month extension.
Regards, Melanie Giles, Insolvency Practitioner
 
 

antm

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Post by antm » Mon Sep 27, 2010 9:29 am
Debt lifeboat can and do offer the extension by 12 months, just need to find out if its suitable to you, as others say speak to your IP and yep Debt Lifeboat do have choc teapot likeness at times!! I mean they offered me an extension a few months back if i can't remortgage, but i don't even have one to start with!! I had to call and explain that i rent, and that why would i need to extend my IVA as everything is in order, they apologised for getting it wrong!!
 
 

Hank56

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Post by Hank56 » Mon Sep 27, 2010 7:42 pm
Thank you all for your input, I will keep you posted as and when I have news.
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