Hi. My IVA has finished. I was in breach of IVA for not informing that I had changed jobs and and earned more money. They have taken my additional earnings into account and said I owe additional £13,846.23 plus £824.04 windfall (total £14670.27) The Insolvency practitioner would not accept the following essential expendatures. Roof repairs £2465.00 - New Boiler/heating £3080.86 - Car (as I left previous job due to stress and had to purchase a car for my new job) £6,900.00. They have valued my property and intimated that I should sell it as there is aprox £55,000 equity in it. Is there anything I can do, appeal offer a lesser final payment to settle this.
Basically, the bottom line from the point of view of the creditors and IP is that you have lied (even by omission) and have witheld money that belongs to your creditors, so they are less inclined to allow these expenditures or otherwise assist. Any appael is likely to fall on deaf ears and the IP is within the agreed terms of the IVA to simply fail the whole arrangement, putting you back to square one with your creditors, who could decide to pursue bankruptcy. So, it is better for you if you can find a way to settle with the IP by either offering a lump sum as close to the £14k as possible -- it is possible, depending on all the figures, to get a remortgage or secured loan, even with the IVA on record, for the purposes of settling said IVA --- the two mortgage experts who belong to the forum could advise --- or seeking to extend the IVA by however many months will give them back these arrears.
Arrears apart, as a homeowner, you are required to seek to release equity towards the end of the IVA anyway, so you may have to do that as well as address the arrears.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk