To end the IVA you would need to pay the full original debt, plus fees and possible statutory interest --- once you make that payment the usual completion process will start and, depending on who tyou are with can take anything from 1 to 6 months.
It would be less expensive, if you are willing to sell up, to make an offer to sell for the sole purpose of ending the IVA early --- if they don't accept the offer you don't (as far as they are aware) sell and the IVA continues. This way you can offer an amount based on the remaining payments, plus 12 month for equity release.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
i have done 5 years of my 5 year iva i had the equity release clause but unable to release equity because cannot borrow the money and have been of ill health since April this year so none of the 6th year payments have been made my 6th year end would of been 12th December 18 I asked for a variation to be done on April I as i one I wasn't going to be returning to work straight away after have open heart surgery. I was told this was been done by Aperture in april only to be told in September when I asked what was happening with my variation to be told it hadn't moved forward in 6 month so wrote to Aperture complaints procedure and they contacted me end of September and said they would do the variation a date was set for november 27th for creditors meeting only to be told today that they have canceled the meeting due to me going to court for my divorce .
my divorce final hearing has now been cancelled adjourned 3 times as the court want to know what is happening with the iva .just seems like it a none stop round about.with Aperture
dennis wrote:i have done 5 years of my 5 year iva i had the equity release clause but unable to release equity because cannot borrow the money and have been of ill health since April this year so none of the 6th year payments have been made my 6th year end would of been 12th December 18 I asked for a variation to be done on April I as i one I wasn't going to be returning to work straight away after have open heart surgery. I was told this was been done by Aperture in april only to be told in September when I asked what was happening with my variation to be told it hadn't moved forward in 6 month so wrote to Aperture complaints procedure and they contacted me end of September and said they would do the variation a date was set for november 27th for creditors meeting only to be told today that they have canceled the meeting due to me going to court for my divorce .
my divorce final hearing has now been cancelled adjourned 3 times as the court want to know what is happening with the iva .just seems like it a none stop round about.with Aperture
The upcoming court hearing has no bearing on their ability to progress a variation request from you. The equity has been dealt with and an extension applied ---- you are 11 months in arrears, that should be all they can go for --- not artificially extend the time scale in the hopes of depriving you of any settlement. I would lodge a formal complaint and escalate the same to their regulatory body if no joy.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
is the formal complaint with Aperture or the regulator..as I already have a complaint in place regarding the length of time it has taken for the variation since April am I better off escalating that to the regulator as I said in previous reply they have now cancelled the variation again ?
dennis wrote:is the formal complaint with Aperture or the regulator..as I already have a complaint in place regarding the length of time it has taken for the variation since April am I better off escalating that to the regulator as I said in previous reply they have now cancelled the variation again ?
The regulators like you to exhaust the internal formal complaints process before complaining to them --- but, after 6 months hitting your head against a brick wall, enough is enough ! You can complain to the regulators via the government gateway here: https://www.gov.uk/complain-about-insol ... actitioner
Unfortunately they do not intervene directly, but will sanction the IP with anything from a slapped wrist to a (sometimes) hefty fine. It is usually the prospect of getting fined that jogs IP's into sorting things out before it gets that far.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Is your offer to pay from the proceeds of the property sale based on the remaining contributions you have left or for the entire balance of the debt and interest and costs?
These are two very different things. You may end up paying over more than you need to from the equity.
Make sure your variation is only based on paying a sum equal to the amount you have left in contributions and only if it is accepted will you sell the property.
Lisa Thomas wrote:Is your offer to pay from the proceeds of the property sale based on the remaining contributions you have left or for the entire balance of the debt and interest and costs?
These are two very different things. You may end up paying over more than you need to from the equity.
Make sure your variation is only based on paying a sum equal to the amount you have left in contributions and only if it is accepted will you sell the property.
Hi Lisa
thanks for the reply a variation was eventually put forward to my creditors that funds paid todate and removal of the property equity clause . it was suppose to go ahead on the 27th but they have now postponed again as they say they want to know what's happening with the property in my divorce .the figure they have given me was the total amount outstanding to get 100p in the £ .
Lisa Thomas wrote:Why was your variation for creditors to accept payments to date in full and final?
Has your income & expenditure position changed so that you can no longer pay any further contributions?
hi Lisa yes as of April this year I have had open heart surgery and been unable to work and I am still off work now so cannot afford my payments as I am only getting 75pound aweek ESA.
I am so sorry to hear about your health and hope you get better soon. Fingers crossed you can get this sorted soon.
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.
Bob Marley. http://kallis3.blogs.iva.co.uk
