Help please. I've been in my IVA now for 4 years. They have asked me to try and release equity from my home but had 3 mortgage applications refused which I sent to my iva company. I have been telling them for 18 months my wife is unemployed due to depression but they will not listen. They told me they had a variation meeting with my creditors but it failed. The payments are now unaffordable. They wont let me speak to my iva supervisor and to be honest the stress is making me ill. Cant not work or my wife and kids wont have anything at all. It would seem all my iva company want is to keep applying pressure til it fails. A letter arrived today saying my iva will go on another 2 years then I must start paying the interest on my property but no time frame or payment mentioned. I'm at my wits end!!!!!!!
\if you have been in the IVA for 4 years, it looks like what they are saying is that you have the one year left to run and then an extra year instead of releasing equity. That is the timescale. Payments will be at your usual rate and will be reviewed as usual at the anniversary dates.
If, as you say, a variation to reduce payments has been refused by creditors there is nothing you can do. You say they 'told you' that they had held this meeting --- did they issue you with a report of the meeting ? This would give the creditors reasoning in refusal.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If the payments are unaffordable and creditors rejected your variation request to reduce them you will be in breach of the IVA and it will shortly fail.
The Supervisor might have to make you Bankrupt or you might be left in limbo to make your own arrangements with creditors.
The property will be at risk.
I'd be happy to chat with you in more detail to discuss the figures. The key is to understand what variation was proposed and why it was rejected so you will need a copy of the variation proposal and minutes.
