I had an IVA where HMRC where the main creditors. As Foggy said, they like to dictate the terms and for me, they did two things which kind of ruined the whole point of having an IVA: 1. Removed any option of payment holidays for any reason. 2. Added a clause to say we would value our property at the...

...and indeed it did! Had the news today, so now the remaining votes won't matter. What a load off my mind - and to think 10 days ago I was sure BR was on the horizon. We have lost our house obviously, but it feels worth it. New beginnings!

Had news today that HMRC accepted our F&F. Phew! We need one more vote, from the liquidators of my old company.

"If the variation is rejected we are obliged to call another meeting of creditors under the standard terms of the IVA asking crediitors what they want the supervisors to do. You would not be made bankrupt automatically on non approval of the variation." Doesn't help much - sounds like it is still ou...

That would be fair point - but unfortunately HMRC added a modification when the IVA was setup which explicitly removes any form of payment break! Still awaiting a reply from them. Will update when I do!

Thank you both - then at least it can be withdrawn. I've not had a reply yet - I just assumed that if the variation was rejected then we could continue on until such time as we can't pay any more. To date, no breach. I've already told the IP that we would be able to make payments up until August - b...

Anyone know if I can cancel the variation after it's been sent (yesterday)?

I've e-mailed our IP for clarity on whether bankrupty would start automatically should they reject the variation and choose option 2

Hmmm. That's a worry. It says: If the proposed variations are not approved it is clear that the Debtor will not be able to fulfil the terms of the Arragement. Standard Condition 71 provides that in such circumstances we seek a decision of creditors to decide whether we should: 1. Issue a certificate...

...I have another quick question if anyone knows. If a variation is rejected and there has been no breach, does the IVA automatically fail at that point or do you have the option to continue making payments for as long as you are able?

Thanks Lisa. Variations sent off today for F&F... my wife's div was originally due to be 32% and the offer provides at least 23% (based on lower end of house sale value). Mine was 45% and the offer provides at least 25%. Alternatively, BR yields 15% for my wife and 17% for me, with trustee fees of 1...

Thanks foggy. Fingers crossed the variation goes through. Everyone ends up with more money vs BR, but you just never know do you!

Been in an IVA for 9 months, made about £30k of contributions to date and suddenly lost my job, which was a very specialised position specific to that company. Any new job will be for far less money; to the point where contributions will be unacceptable, I've been told. And so, with heavy hearts we'...

Thanks Foggy. That might be a good way to word it, rather than me start suggesting calculations myself. That way, if it comes back against me I can argue the case and haven't planted any seeds in minds!

Tell me about it. It's amazing how a large-ish but relatively manageable amount to repay to HMRC over 2 years spiralled into a huge IVA sum instead, after they wouldn't allow time to pay but such is life! My wife has entered an IVA too (interlocking or whatever it's called) as we are both 50% shareh...

Hello, I'm 7 months into my IVA. Main creditor is HMRC and they added an 85% property equity clause in at month 36. Our house is worth about 340k, 248k mortgage (which would be around 220k by month 36). I'm beginning to thinking I'm on a hiding to nothing, paying the mortgage with not a lot of hope ...