Thanks, the thing is 5 years ago we were told that the IVA route was the best way to protect our homes. So I don,t know why it all appears to be changing now and it surely can,t be right ! Good luck with your situation too.

Thank you for all of your comments. W. Ith regard to the extension I have agreed with the IP to extend further than the 12 months because the thought of being made bankrupt after all this time is making me feel Ill and I just need some resolution. Now I just hope the creditors agree to the proposal.

Yes I am happy for a 12 month extension as this is what was in the original documents.But the IP is not willing to put this forward as it is not enough in relation to the equity in the property. I think he wants to extend for 24 months. I just feel so scared and stressed at the moment that bankruptc...

Hi. I am also in the same position but our IP will not put forward a proposal of a 12 month extension. Unless we come up with a better offer he wants to recommend a petition for bankruptcy. Why are so many companies suddenly threatening this when five a years ago ivas were recommended to avoid bankr...

I think the authority comes from the modifications issued to our arrangement which stated that if we could not raise equity via a remortgage in the fifth year then the Supervisor should hold a variation meeting to discuss our alternative proposal. Obviously not wish to propose this. It is the IP who...

Why is my I.P threatening to petition for my bankruptcy after the fifth year of my IVA because I cannot remortgage to release my equity even though I have fully complied with my IVA agreement, he is not willing to put forward a twelve month extension in lieu of equity as this he says is not substant...

Hi we have recently posted on the forum with a very similar situation and we wondered if you have got anything resolved ?

Yes I believe that we are covered by the protocol as of Nov 2008. Our IVA agreement states that should we not be able to release any equity we should either obtain an equivalent amount from a third party or extend the payments by a maximum of 12 months. It also states that at no time do we intend to...

Please help. We have just completed 5 years of our Iva but had an equity release clause in final year but have not been able to obtain a remortgage. Now our IP suggests putting forward a 12 month extension or a bancruptcy comparison to the Creditors. We as advised to take out an Iva to avoid bancrup...