a 53p in the pound dividend is a good one,therefore I am sure there would be some flexibility on the part of creditors to accept reduced payments.
As for releasing equity if this cannot be done,your IVA will either end at 60 months or continue for a further 12 months(depending on whats in your agreement).
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I searched for my IP but it seems like they are no longer around. So I had to go on the Insolvency register to find out the name of my new IP. It seems like the name has changed of the firm as well as my IP.
I have looked in the local paper and houses similar to mine are selling for about £130K and my o/s mortgage is about £110K so we do have equity but we are not in a position to remortgage due to my husbands employment status.
I am worried they will go for BR as they might get some money back
That may be what they are up for lulu, but who knows what they are actually selling at? You may find that you would be ok.
There is a site called ourproperty.co.uk and if you register with that, you can see exactly what houses round by you have sold at, as the details come from the land registry.
Contact the IP who is now showing on your Insolvency Register entry. Give them the full circumstances and they may be able to help.
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
Remember a forced sale will always bring about a lower price so if your mortgage is 110k and houses nearby are selling at 130k,you wont get 130k for yours if its to be sold in a hurry or at an auction due to BR!!
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I was wondering if it was now Grant Thornton as she says the company has now changed.
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
I think that you should ask to discuss this directly with your IP rather than a staff member. There is nothing better than getting advice straight from the horse's mouth, and if you then feel that they are being unfair you can always ask for directions of the Court.
I have made a decision we have put our payment back to the full amount. We are going to try and pay the full amount which will mean cutting back drastically on food no clothes or anything else. The reason I am doing this is it is likely in October that my husband's temp job will come to an end. If he can't find work I thought the creditors might look more kindly on us if we had made an effort to pay in full.
I know this is only delaying the inevitable but I am so scared and the company I deal with have been so unhelpful.
Thank you all for your advice I will let you know how we get on.
Just make sure that you can really afford to do this Lulu - otherwise your lives could be made quite miserable, and nothing is worth that. Good luck with hubby's job.
