It was based on my partner and my joint income. Then I was on my own and got behind with payments. I have now received a letter from the iva supervisor, he is failing the arrangement - I am now on dla and benefits and wont be able to remortgage next year. He is issuing a certificate of termination.
Does this mean I will have to go bankrupt after all?
thank you for your help
Sorry you have had such problems with your IVA and that it is being terminated.
Do you have any assets that you might lose under bankruptcy? If not, this could be an answer for you.
Otherwise you could look at doing a debt management plan.
I was paying £70, I have offered to pay £140 which was i was originally paying when the iva was started, and thought I would be able to continue paying this, for an extra year if necessary, but nothing has been said about this.
Theres no discussion, the supervisor has just said 'I will be issuing you a certificate of Termination to all your creditors without delay'
That seems very final.
Thank you for all your support.
The amount I was to release in year five was £47.000 which was 75% of the projected equity.
I'm 57, so too young to apply for equity release
I cant see I can get a mortgage after having failed an iva, especially since I assume everyone I havent actually paid via the iva can now come and claim the balance of their original debts.
Its back to going bankrupt again and losing the house, and i really dread attempting to move.
I had a final letter today saying they will not be making me bankrupt, they are not pursuing their fees but writing them off which is kind.
so its back to square one i think if the creditors pursue me, I guess i will have to go bankrupt and as there is a small amount of equity although nowhere near enough to pay everyone, I guess i will just have to sell the house and move.
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