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by jame$bear
Fri Mar 22, 2019 10:51 pm
Forum: Ask IVA Forum and Industry experts
Topic: Failed IVA / BR - Options
Replies: 21
Views: 3728

...and indeed it did! Had the news today, so now the remaining votes won't matter. What a load off my mind - and to think 10 days ago I was sure BR was on the horizon. We have lost our house obviously, but it feels worth it. New beginnings!
by jame$bear
Mon Mar 18, 2019 3:41 pm
Forum: Ask IVA Forum and Industry experts
Topic: Failed IVA / BR - Options
Replies: 21
Views: 3728

Had news today that HMRC accepted our F&F. Phew! We need one more vote, from the liquidators of my old company.
by jame$bear
Fri Mar 15, 2019 8:52 pm
Forum: Ask IVA Forum and Industry experts
Topic: Failed IVA / BR - Options
Replies: 21
Views: 3728

"If the variation is rejected we are obliged to call another meeting of creditors under the standard terms of the IVA asking crediitors what they want the supervisors to do. You would not be made bankrupt automatically on non approval of the variation." Doesn't help much - sounds like it is still ou...
by jame$bear
Fri Mar 15, 2019 2:28 pm
Forum: Ask IVA Forum and Industry experts
Topic: Failed IVA / BR - Options
Replies: 21
Views: 3728

That would be fair point - but unfortunately HMRC added a modification when the IVA was setup which explicitly removes any form of payment break! Still awaiting a reply from them. Will update when I do!
by jame$bear
Fri Mar 15, 2019 1:23 pm
Forum: Ask IVA Forum and Industry experts
Topic: Failed IVA / BR - Options
Replies: 21
Views: 3728

Thank you both - then at least it can be withdrawn. I've not had a reply yet - I just assumed that if the variation was rejected then we could continue on until such time as we can't pay any more. To date, no breach. I've already told the IP that we would be able to make payments up until August - b...
by jame$bear
Fri Mar 15, 2019 12:33 pm
Forum: Ask IVA Forum and Industry experts
Topic: Failed IVA / BR - Options
Replies: 21
Views: 3728

Anyone know if I can cancel the variation after it's been sent (yesterday)?

I've e-mailed our IP for clarity on whether bankrupty would start automatically should they reject the variation and choose option 2
by jame$bear
Fri Mar 15, 2019 12:03 pm
Forum: Ask IVA Forum and Industry experts
Topic: Failed IVA / BR - Options
Replies: 21
Views: 3728

Hmmm. That's a worry. It says: If the proposed variations are not approved it is clear that the Debtor will not be able to fulfil the terms of the Arragement. Standard Condition 71 provides that in such circumstances we seek a decision of creditors to decide whether we should: 1. Issue a certificate...
by jame$bear
Fri Mar 15, 2019 11:23 am
Forum: Ask IVA Forum and Industry experts
Topic: Failed IVA / BR - Options
Replies: 21
Views: 3728

...I have another quick question if anyone knows. If a variation is rejected and there has been no breach, does the IVA automatically fail at that point or do you have the option to continue making payments for as long as you are able?
by jame$bear
Thu Mar 14, 2019 5:43 pm
Forum: Ask IVA Forum and Industry experts
Topic: Failed IVA / BR - Options
Replies: 21
Views: 3728

Thanks Lisa. Variations sent off today for F&F... my wife's div was originally due to be 32% and the offer provides at least 23% (based on lower end of house sale value). Mine was 45% and the offer provides at least 25%. Alternatively, BR yields 15% for my wife and 17% for me, with trustee fees of 1...
by jame$bear
Tue Mar 12, 2019 4:44 pm
Forum: Ask IVA Forum and Industry experts
Topic: Failed IVA / BR - Options
Replies: 21
Views: 3728

Thanks foggy. Fingers crossed the variation goes through. Everyone ends up with more money vs BR, but you just never know do you!
by jame$bear
Tue Mar 12, 2019 2:44 pm
Forum: Ask IVA Forum and Industry experts
Topic: Failed IVA / BR - Options
Replies: 21
Views: 3728

Been in an IVA for 9 months, made about £30k of contributions to date and suddenly lost my job, which was a very specialised position specific to that company. Any new job will be for far less money; to the point where contributions will be unacceptable, I've been told. And so, with heavy hearts we'...
by jame$bear
Fri Jan 11, 2019 12:14 am
Forum: Ask IVA Forum and Industry experts
Topic: Selling Property - Is our 15% equity always safe?
Replies: 4
Views: 5359

Thanks Foggy. That might be a good way to word it, rather than me start suggesting calculations myself. That way, if it comes back against me I can argue the case and haven't planted any seeds in minds!
by jame$bear
Thu Jan 10, 2019 6:39 pm
Forum: Ask IVA Forum and Industry experts
Topic: Selling Property - Is our 15% equity always safe?
Replies: 4
Views: 5359

Tell me about it. It's amazing how a large-ish but relatively manageable amount to repay to HMRC over 2 years spiralled into a huge IVA sum instead, after they wouldn't allow time to pay but such is life! My wife has entered an IVA too (interlocking or whatever it's called) as we are both 50% shareh...
by jame$bear
Thu Jan 10, 2019 5:51 pm
Forum: Ask IVA Forum and Industry experts
Topic: Selling Property - Is our 15% equity always safe?
Replies: 4
Views: 5359

Hello, I'm 7 months into my IVA. Main creditor is HMRC and they added an 85% property equity clause in at month 36. Our house is worth about 340k, 248k mortgage (which would be around 220k by month 36). I'm beginning to thinking I'm on a hiding to nothing, paying the mortgage with not a lot of hope ...
by jame$bear
Fri Jun 15, 2018 10:33 pm
Forum: equity release
Topic: Equity Clause from HMRC
Replies: 11
Views: 47299

Hi davejack. How are you getting on, a couple of months later? I've just entered into an IVA, HMRC is my main creditor too. My mod was 85% equity release in month 36. The IVA comp I used said that they had a few cases where HMRC had said "funds to the value of the equity" (i.e. 100%). I was given th...
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