In 5th year, cannot afford to afford IVA

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by tracy760 » Fri Aug 18, 2017 5:27 am
Hi I have an iva 5 years is up in November however they have asked me to remorgage which I know will be turned down they say it might be six years but I am now a carer given up full time work cannot meet payments now let alone another year will my iva fail if I cannot pay another year
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by kallis3 » Fri Aug 18, 2017 7:42 am

Get in touch with your IP and explain things to him/her. It maybe you can have your payments to date accepted so the IVA can be closed down.
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by Foggy » Fri Aug 18, 2017 7:50 am
As Kallis says, payments to date might be an option, but, at the very least, you should do a full review and see about getting payments reduced.
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by Lisa Thomas » Fri Aug 18, 2017 8:07 am
Firstly I would check whether you have sufficient equity for the clause to kick in - the standard amount is £5,000+
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