In 5th year, cannot afford to afford IVA

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
User avatar
tracy760
Posts: 1
Joined: Fri Aug 18, 2017 5:27 am
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
User avatar
kallis3
Forum Expert
Posts: 71638
Joined: Mon Mar 17, 2008 4:02 pm
Contact
by kallis3 » Fri Aug 18, 2017 7:42 am
Hi,

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.
User avatar
Foggy
Forum Expert
Posts: 23221
Joined: Fri Dec 17, 2010 11:14 am
Contact
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.
User avatar
Lisa Thomas
Industry Expert
Posts: 5851
Joined: Wed Dec 03, 2014 10:26 am
Contact
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+
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Foggy and 20 guests