Hello all. Hope you can help. IVA approved, but they want us to sale our home as soon as possible, This is devastating to us and little unexpected. I’m paying a certain amount per month but would like to double the offer to save our home, as i run my own business I can work some more days. Which will make up the extra.
The amount over the 5 years would be the same as if the home was sold. So they get what they are wanting + a little more
Any help would be much appreciated
Which company are you using? Was the possible sale of your house explained to you at the outset?
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
Hello. Thanks for the message. It was explained but obviously the concern was not there. It came as but of shock to us all. Just never thought it would happen. As most of the time they want you to remortgage in 5 years which we were expecting, not the sale ASAP
Have you double checked your chairman's report to see if it is mentioned on there? Does your house have a lot of equity in it?
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
Thanks for the reply
It’s either IVA or Bankruptcy. I’m self employed so it would be issue
What’s your thoughts on them taking more money per month. This would double what the original monthly iva payments would be.
The IVA has already been approved.
Fri Sep 27, 2019 9:20 amhopefulalways wrote:
Thanks for the reply
It’s either IVA or Bankruptcy. I’m self employed so it would be issue
What’s your thoughts on them taking more money per month. This would double what the original monthly iva payments would be.
The IVA has already been approved.
Were you formally asked to agree to this change on the day of the meeting ? And did you actually agree ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Only agreed once the meeting was done IVA WAS then approved only on that condition. If I did not accept they would of just bankrupt me. Did not have much choice. But I’m now able to make a offer of much more money per month. The house to be honest may not sale anyway.
Problem with BR is that they may have lost the house anyway.
You can always let this IVA fail, do a DMP in the meantime and then try again with a different company in a few months.
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
