I am in my 6th year of IVA

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Post by deborah251 » Sat Dec 15, 2018 5:24 pm
I am in my 6th year of IVA due to not being able to release equity. I received a letter after my meeting to say - 'I am pleased to inform you that your creditors have voted to accept the Variation of your Individual Voluntary Arrangement.' This was shown from the meeting of the creditors which was in August 2018 'The meeting of creditors has been convened in order that the following decisions be made:

1. Creditors allow monthly contributions to reduce to £161 for the 12 additional contributions in lieu of equity.

2. That the Supervisor be authorised to draw a fee of £400 in respect of convening this meeting of creditors in addition to fees already authorised'

This morning I have received a letter asking me to get valuations and enquire about further re-mortgaging options to pay a lump sum. The company is Hanovers. I am getting to the end with it now, it is driving me mad. I am 60 in January, my mortgage is until I'm 67 and this IVA seems never ending. Please could you offer any advice?

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Post by Foggy » Sat Dec 15, 2018 6:02 pm
As equity has already been addressed I would imagine that this is an error. Give Hanover a ring to confirm and ask them to give it to you in writing.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by luluj » Sun Dec 16, 2018 11:41 pm
Agree with foggy - its been addressed with 12 months additional payments - they can't have it both ways ! Let us know what they say !
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