IVA will have to run for another year?

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Sharon.ng

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Post by Sharon.ng » Mon Jul 26, 2010 9:11 pm
I am supposed to re-mortgage for £8,000 in this,my last year, but have been turned down. My insolvency practitioner is now saying that the IVA will have to run for another year. Is this legal/correct?
 
 

MelanieGiles

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Post by MelanieGiles » Mon Jul 26, 2010 9:28 pm
Hi Sharon and welcome to the forum

It may be - but the answer ought to lie in the wording of your own IVA proposal or subsequent Chairman's Report. Get your IP to confirm where they derive this authority from, as it sounds like you were not aware of this from the outset.

If the proposal is silent on what happens if you cannot raise the money, then your IP may need to call a meeting of creditors to determine their wishes - and any variations also have to be agreed with yourself as well.
Regards, Melanie Giles, Insolvency Practitioner
 
 

kazza24

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Post by kazza24 » Mon Jul 26, 2010 11:21 pm
Hi
I am in the same boat, my house was valued tonight and I have no interest in the value to be honest as I can't get a remortgage. I think it is probably correct that they can make you pay for another year, My IVA said that it wouldnt last for more than 72 months, so that takes into account an extra years payments. In my opinion it's worth paying that to be debt free,an IVA isnt a miracle solution, but it's near as damn it in my opinion, so one more year and it's all over ! x
 
 

Hammie1

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Post by Hammie1 » Tue Jul 27, 2010 7:21 pm
Hi Kazza24

I had to just post you as you made me smile [:)] when I read your post below... "to be debt free,an IVA isnt a miracle solution, but it's near as damn it in my opinion, so one more year and it's all over"

You are absolutley right, and this is how I look at it to. However we are just starting out and curretly waiting our creditors meeting.

Thanks
Sam [:)]
F&F accepted 12/8/13 - Awaiting Completion Certificate :-)
Thanks to everyone for your support. Could'nt have done it without you.
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