I'm desperately looking for some advice on my IVA.

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Post by texas01 » Thu Sep 02, 2010 10:55 am
I'm desperately looking for some advice on my IVA. I am in year 4 and have been advised that I have £2016 of the original agreed amount to pay although this does not include property equity that was a requirement.
My boyfriend has offered to help me with a full and final offer but I have no idea what to offer. I have a mortgage of £83k and my house is worth approximately £95k. I know that no-one is going to lend me more than the £83k as my earnings aren't enough and the loan to value would be too high. I have been asked to submit a valuation and mortgage settlement info but am now terrified that they will force me to sell the house. The letter says that they will discuss alternatives with me once they see how much equity I have in the house. They also advised to put in a full and final and they would arrange a meeting with my creditors.
Please can anyone advise how much I should offer and what they would do if I can't remortgage? I am currently with Payplan.

Many thanks for any advice.


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Post by liamjames » Thu Sep 02, 2010 11:15 am
Don't panic! :)

You will definitely need a valuation and information on your mortgage, because otherwise your creditors won't be able to compare your offer with the predicted alternative, and they simply won't vote.

If your IP agrees that you won't be able to get an affordable remortgage, then you should ask them to make this point in your full and final offer as it will help your creditors to decide.

As for a reasonable offer, remember that your IVA will have been accepted on the basis of an expected dividend. If you can offer them a reasonable dividend and have a good reason for not offering the full amount, then it should be accepted. Only Payplan will be able to tell you this though, as they have all the information regarding the assets and costs of the arrangement.

Suggest an offer to them and ask them if the dividend returned to creditors looks reasonable. They should then advise you on the chances of it being accepted, and give you the opportunity to discuss matters with your boyfriend.

Best of luck. :) x
Take care,

Liam James
Varden Nuttall

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp


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Post by MelanieGiles » Thu Sep 02, 2010 1:41 pm
What does your proposal actually specify with regard to the release of equity?
Regards, Melanie Giles, Insolvency Practitioner
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