My Iva is due to end in December we have equity in our house . My exhusband has since lost his job. I have four children in a 3 bedroom house . We paid an extra year already as we asked for payments to go from 200 to 120 which we have kept up with .. what will happen with us
Equity will need to be looked at now, it should have been addressed last month and, if the equity release clause is triggered, you will need to try to release or, failing this, have another 12 month extension. If you are unable to continue with payments you could ask creditors to accept payments made to date as a full and final offer. But, if they refuse, the IVA will, most likely, be failed.
Which firm are you with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk