We are getting very confused over our iva,we are just entering our forth year but are finding it impossible to keep up with the payments of 600 pm, is bancrupcy a option and then buying the equity in the house?
deanno wrote:
Have you spoken to your IP about making lower payments. You have come along way just to go bankrupt.
Deanno
Yes but they just want us to take a payment holiday,which is just making the iva last longer.my worry is the 85% equity clause in year 5 . my mortgage provider has said they cant help,
I have read that you can get a third party to buy the equity in your house if you fail the iva? also when ever i try and speak to my ip you just get a young person who fobs you off and just end up more stessed out. any advice?
Yes 30k we are with debt lifeboat, have tried to speak a few times but always end up talking to someone who cant seem to help,We get the feeling they are not on our side.[?]
Tell them you want to speak to Philip Allen and no one else. When you do get through to the man himself, tell him that you are worried about not being able to make your ongoing IVA payments at the current rate, and ask him for his advice as to what to do. To make the chat more meaningful, it would be helpful to them if you were able to send over a revised statement of income and expenditure showing the amount that you feel is now affordable.
Thanks all you guys,once again cant speak to my ip, he is not available and they are putting in a new computer system and will call me this week. Have asked for a settlement figure and was told you must make an offer and they will let me know if it is acceptable, why cant they tell me what they are looking for and will they charge for making offer if it is refused.
Ive never actually spoke to Phillip Allen, he is my IP as well, always get his secretary or someone working under him. Ive had my IVA for 3 years with them and tbh he is never at the office. They do a good job at keeping statments and sending info out, so im always in the loop. Im guessing you keep talking to the same person i do when i have a problem, it goes on the file and thats it.
Thats it, makes me wonder if they just want you to stay in your iva till year five and when yoy cant remorgatge make you bankrupt anyway,also does any one out there know if you cant raise the 85% in year five and your iva goes on for 1 more year are the payments the same as for the last 5 years? how does that work.
You payments ought to be at the level you can afford and there would be a review after year five. The maximum extension should be twelve months and could be less if the equity figure has been paid in in less than twelve months.
