My payments Have been made by family members

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lprice

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Post by lprice » Mon Sep 13, 2010 9:43 pm
Hi
My IVA was due to finish in April this year however I am slightly behind (approx 1.5k left) however my income reduced massivley 2 years ago and my payments have been made by family members to avoid bankrupcy. I cannot release any equity due to my low income and now rely on family members and benefits to get by. I am worried that creditors will go after an extra years or force me and my young family to sell up but I cannot possibly manage any more payments. The best I could possibly do is finish the 60 months. What should I do
lprice
 
 

kallis3

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Post by kallis3 » Mon Sep 13, 2010 9:48 pm
Hi and welcome to the forum.

You really do need to speak to your IP as things should never have come to this.

Do you have any equity in your house at all? If not then bankruptcy could be an option. If you do, then there is always a possibility that you may have to go to a further twelve months.

I urge you to speak to the IP and get something sorted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

MelanieGiles

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Post by MelanieGiles » Mon Sep 13, 2010 10:32 pm
If there is no equity in your property, surely the case will conclude upon the payment of the 60th contribution?
Regards, Melanie Giles, Insolvency Practitioner
 
 

Shining

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Post by Shining » Tue Sep 14, 2010 8:10 am
I would advise to tell your IP everything and as Melanie replied, no equity the IVA will conclude.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

lprice

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Post by lprice » Wed Sep 15, 2010 6:57 pm
MelanieGiles wrote:

If there is no equity in your property, surely the case will conclude upon the payment of the 60th contribution?
There may be some equity however I have already tried a couple of years back to remortgage but my income is only around £100 per week topped up with benefits and also I am now married with children so I believe my spouse has some entitlement to part of the equity. I wondered that with proof of low income that the creditors would accept payments made as FFS?
lprice
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