I am in the 4th year of my VA paying 500 per month into it. I have paid the insolvancy practioner a total of 18500. In the 4th year of the arrangement, I am to obtain 2 offers of remortgage, which ever is the greater, pay my share of the releaseable equity into (my wife is not in the VA) so the releaseable equity will be halved. Thereafter, my modification then states that my monthlyinstalments may then cease and the VA be brought to a close. Now then this is where I am confused. To give full details here would be wrong but basically my total debt was circa 140000, my mortgage is circa 83000. I can only obtain mortages, 1 which offers 85000 leaving 1000 available to creditors, another offering 65% of the value of my house which is 170000 (13250 releasebale equity). However after costs the maximum available here would be around 11000. Could you therefore advise that as I have done as required in my modifaction, is the Insolvancy practioner duty bound to accept the 2nd offer or could I offer an alternative through third part funds (my family) a limited cash offer simular to the 2nd offer.
I hope you can help as I want to get out the VA and move on. It is very restictive of me getting certain jobs.
Your IP has to supervise the IVA along the terms it was intended to. So if you have complied with the terms and all that could be raised is £1,000 then so be it.
Personally I would not encourage a client of mine to re-mortgage for such a small sum - see if your IP will allow this to be paid by additional instalments or a third party ffer of funding.
