I am in an IVA now. I said I would raise £70,000 equity release by a mort. to get the IVA accepted by the creditors. My trustee said provided I applied for the morg, but proved it was refused, all I had to do was to continue my payments for an extra year at £300 per month (total £3600)and that would be all I had to pay.(instead of the £70,000 plus interest) We all knew the extra morg. would be refused because the equity after existing charges on my house was virtually nil, I did not have the income to support the extra morg and my credit rating is damaged by the IVA. Is my trustee right?
Do you mean Trustee or Supervisor? Are you bankrupt as well as being in an IVA?
If the Supervisor is telling you this is correct, I would not second guess that decision which seems to work to your advantage, but presumably your creditors will get a lot less return than they were anticipating?
