Hi,
I have an iva with grant Thornton and have just finished 6 years. In section 8.11 of my proposal it states:
"It is proposed that I make voluntary contributions for a period of 5 years and that the voluntary arrangement should last for a maximum of 5 years and 3 months from the date of the creditors meeting or until payment has been made in full to creditors, whichever is the sooner. In that period of time it is anticipated that the superviser will have been able to collect all contributions, agreed and make a final distribution"
Because I couldn't release equity in my property does the above statement not overrule the extra 12 months GT are saying I should do? My proposal says nothing about 12 month exstentions.
I have asked GT to explain section 8.11 a few times and not had an answer, even during my variation appointment which the lady didn't seem prepared for.
I will also take steps to realise equity of £25,075 from my property detailed in paragraph 3.1. Proceeds from this source will be forwarded to my superviser for the benefit of creditors. This will be attempted during the final year of my voluntary arrangement".
However my house price has dropped leaving equity of less than £6000.
It is difficult to advise you without knowing the full facts of your case - best to chat through with your IP. Have you made additional payments in lieu of equity yet?
GT arn't that easy to get hold of to talk to and when you do the person can't fully help you for some reason. I used to have a case officer but not anymore its just whoever answers the phone.
The lady who did my variation on Friday wasn't prepared, didn't have all the information in front of her and somehow didn't answer any of my questions. I got the impression she was reading from a script just like a robot.
I was given two options go to my creditors asking to remove my property without GT backing or ask to remove the property and do another 12 months with their backing.
If I sold the house tomorrow after estate agent fees and solicitors fees there wouldn't be a lot of equity left if any.
Debt matters who arranged my IVA before GT took it over said if property prices dropped and I couldn't release equity it would be ignored but I had to try in my final year. They never said anything about an extra 12 months.
