Advice Please - Much Appreciated Thanks

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kieser
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by kieser » Tue Jan 26, 2010 5:15 pm
Hi,Long story but just got off the phone to my IP,we are in the 4th year of our iva,we had to pay £30,000 over 5 years + £30,000 from remortgage.
We have paid in so far £20,000 approx from paying £500 mthly,we have had a couple of payment breaks for death in the family etc etc.

Due to my company restructure(loss of supervisor role)& my partners business closing & she has now found a permanent job(lot less salary).we are now only able to pay £253 mthly.
My ip has just informed me that this will be put forward to the creditors but they might ask for an extension to 6 years because of our reduced payments,
My question is,i have never heard of a iva being extended because of reduced contributions,ive only known it be extended because of unable to remortgage.
I asked my ip whom said he would look into it as im worried that they will now extend my iva payments to 72 mths & also extend again,perhaps for a further 12 mths when i know we will not be in a position to remortgage next year.

Any advice much appreciated

 

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kallis3
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by kallis3 » Tue Jan 26, 2010 5:43 pm
Hi Keiser,

Not too sure how this will work, hopefully Mel, Andy or Michael will be along later to advise.

Just didn't want you to think you were being ignored.

 

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Adam Davies
Posts: 14596
by Adam Davies » Tue Jan 26, 2010 5:56 pm
Hi
It may be possible that your creditors will ask for an extension. However if you can remortgage in the fith year and release equity the extra cost of your mortgage will mean that your payments will no longer be viable so I would expect your IVA to end once you remortgage. If you can't remortgage there is a possibility that your creditors will ask for an extension again, however I would hope that this would not go beyond the six years
Regards

 

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MelanieGiles
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by MelanieGiles » Tue Jan 26, 2010 9:39 pm
If your IP is suggesting a variation to the current IVA, then a proposal will be put to creditors at a newly convened meeting giving them the opportunity to modify the terms again. It is unlkely that the IVA will be extended past a sixth year.
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