would creditors force bankruptcy if house sale is going through - wouldn't they receive more from house?

What happens at the end of the IVA when we are due to release equity and there is very little equity in our property. Will they extend it or force us into sale???

please can someone advise when we go to bank and advise that we cannot repay interest only payment on mortgage due next year (haven't missed any payments on other repayment mortgages due in 2014) as we're in final year of IVA and have no equity to release next year, do we ask for extension now or wa...

hi, no we only have one property, but 3 mortgages! When my husband was in business and struggling the bank suggested we took out this £40,000 interest only mortgage over 7 years (goodness knows why!).

many thanks Andy. Anorther nightmare is that one of our mortgages is due to be repaid £40,000 (interest only) next May. Due to business collapse and huge reduction in our earnings, have not been able to save for this. WE have 2 other repayment mortgages due to expire in 2014. We're afraid to go to t...

We are close to entering the final year of our IVA. Voluntary monthly payments have been made, however under the terms of our IVA we have to make a final payment of £70k from the sale of our house and any equity gained. We are in negative equity and therefore unable to make the final payment. The t...

yes, need to release equity. Even if they extend another 12 months, it's not going to be anywhere near this amount. Cannot see anything in our paperwork. We've been told that when the IVA ends, we will be thrown to the wolves again, one of our creditors will declare us bankrupt and then we'll probab...

When you say you are due to pay 80k at the end do you mean you are to try to release equity of 80k??Normal practice is that if equity cannot be raised then additional payments into the IVA may be made often an extra 12 months,your IVA paperwork should state what will happen in the event of equity b...

Do you mean that your actual mortgage is due to be repaid in May next year? yes, one of the mortgages, other two (totalling £160,000) expire in 2014. We've not missed a payment to date, but worried about going to bank as we're in an IVA. Future looks very bleak at moment and dont know where to turn.

We're in a terrible dilemma. We owe £40,000 on an interest only mortgage due next May and cannot pay it - should we tell bank now or wait until May? Also, we're in an Iva, at the end of which we need to pay our creditors around £80,000. At the moment we're pretty sure we're still in negative equit...