thanks again but i was sure we had to pay the remainder over,? we will send the forms monday,were still doing a joint iva even though were divorcing because i feel its only fair as my wifes having both kids,her choice not mine but seems fair,and they did advise it would be quicker to sort 1 meeting not 2,1set of forms etc
If the variation meeting is unsuccesful and the IVA fails then you wouldn't have to pay the money over as the IVA would cease to exist and each creditor would be able to chase you individually again. The idea of holding back the 5k is that if they do not accept the variation to continue then at least you have funds available to fund bankruptcy etc.
just to ask this as i had forgotten,over the phone the iva asked if the payments were reduced to £400 could we manage,we said no,but if we did pay £400 do we get to keep the equity?
Unlikely Mart - the creditors will want to see some, if not all, of the equity.
If you let it fail though you don't need to pay anything across.
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
ok cheers im going to check that monday because im near sure that is the second time weve had that put to us by 2 different personnel,too good to be true though
Hope you can get it sorted Mart and prove me wrong!!!!
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'll bet you have Mart - must be a very stressful time for you.
I hope I'm wrong - and will be along to apologise if I am!!
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
so do you think its better to keep the equity and force bankruptcy? if we do we will a fair size of cash will they not take that off us? and the cars we have?
