what actually happens if I can't pay final amount?

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ian.on

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Post by ian.on » Wed Aug 18, 2010 11:24 am
My wife and I are in a 5 year IVA, which started in Jan 2007, due to finish Jan 2012.
But, at the end of the 5 year period there was a clause which stated I had to make a payment of £12000. I cannot find anywhere in the IVA agreement stating, should I not be able to pay the final amount, what actually happens, does it continue for 1 year or does it finish?
What seems to be the Norm in situations like this?
 
 

kallis3

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Post by kallis3 » Wed Aug 18, 2010 12:38 pm
Hi and welcome to the forum.

Does it say where the money is to come from? Is it equity release?

You may find that if you can't find it, your IP will have to go back to the creditors to ask for an extension.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Adam Davies

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Post by Adam Davies » Wed Aug 18, 2010 1:25 pm
Hi
If it is from an equity release and you are unable to remortgage then it is very likely that your creditors will extend your IVA by twelve months
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Andam Davies
 
 

MelanieGiles

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Post by MelanieGiles » Wed Aug 18, 2010 10:44 pm
If you cannot pay this sum, then the IVA will need to be varied to accomodate this and then perhaps creditors will want to see an extension of your payments to accomodate the missing money.
Regards, Melanie Giles, Insolvency Practitioner
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