As for the extra year -- have they said why ? Are you a home owner ? It is a fair request if you are and there is likely to be equity to be addressed.
It wouldn't be a ploy from the IP to get more money as the request will have been made by the creditors not the IP.
Thank you for your information it's made me feel much better.
It's been a real struggle.
Yes I am a house owner but as I am over 60 I couldn't remortgage.
I have a family member who is financing this early settlement. They want £10570.00. That for the six year term..
It seems they won't agree any other amount for f&f.
It's causing lots of financial stress as well as relationship. We pay £350.00 per month .
I am on medical retirement pension only partner working..
I won't bore you to much with the probs.
Was your earlier offer actually put to the creditors ... do you have a report of the meeting ?
I assume that you were working when the IVA started, so your income would now be reduced .... if this is so your IP should do a review and see about a reductuion in monthly payments going forward .... again, this needs a supportive IP to put your case to creditors.
Might I ask who you are with ?
There was a meeting and offer put to creditors. They then asked me to up my offer. It really felt like a bidding war..so I didn't up my offer.
When I first took Iva out I had incapacity benefit. The advisor juggled quite a few figures as to accommodate payments as our pet bills were high. Four cats and a dog they only allowed £25.00 for pet costs..
The initial payments were to be £270.00. Then on the day of meeting of creditors to agree IVA they said I had to up my payments to £350.00 foto proceed. Which we agreed to.
I am not getting any incapacity benefit so am £380.00 down on original figure for payment. Which they disregarded.
They then made out the original £350.00 would have to put to creditors to agree again after they declined full and final payment. As if they were doing me a favour.
I dealt with different advisors throughout this process. Which I found very unhelpful.
Apologies for this long winded explanation.
I don't want to disclose who they are just in case the scan these helpful sites.
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