I am in an IVA and the Chairman report stating a 71 p in £1 return which is high but understand we need to pay back as much as we can over the 5 years, what is the likelihood of this being extended for extra to pay in extra after 5 years, we have a 4.5 year equity clause but have no equity in our property at the moment, we have a mortgage of £117,00 and a house worth about £115,00 current market value so am I right in thinking the extra 12 months equity payment could not be relevant to us.
You will need to speak to your IP closer to the date - we can't predict what is going to happen in the future and it will be down to what it says in your proposal.
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
Thanks Jan - we will wait and see at the four and half year mark - fingers crossed for no extra year and begin living again and repairing the house/car etc x
I hope you don't get it - I know I will as we have a lot of equity in the house so the extra 12 months is a definite for us.
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 would imagine with no equity that your IVA will end at month 60.... But as Jan says we cannot predict and give you a definite answer. You are giving a very good return to your creditors so hopefully the end will soon be here !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Are you comfortable with your living expenditure ? 71p is a good return and with IP fees you are probably going to repay your whole debt [before fees] if the IVA runs for six years.
Hi thanks for your replies, no we are no comfortable with our living expenditure, we have 3 children, one at uni living at home, we have lost £40 child tax credit April 2011 and £70 family allowance in August 2011, we have no spare money for car repairs, emergency work currently the house shower is broke, the car is on its last legs, the garden gate has fallen off and numerous other things going wrong, sometimes it feels as though we can't even afford to replace a light bulb if one goes. WE have asked for a I/E review early and this was carried out in January and we got a standard letter back saying no extra to pay, sometimes I think they don't even look at the paperwork and send a standard response, they were more eager to communicate when they were trying to get us to sign up with them! Sorry for the rant it is just so hard not having money for the final week of each monthe - We have £16 left to last us til pay day now, we have food in the cupboard to last until probably next Thursday and money for bread and milk and that is it - we don't live a lavish lifestyle, haven't been out since DEc 2009, can't take the little one the pics and have stopped all their out of school activities. Good job it is half term cos we haven't got the bus fare needed to get them to skool.
Hi mab the idea of a IVA is to give creditors the best possible return and for you to get back onto your feet and be debt free in the medium term.Its not supposed to punish your family like yours is,and they are advertised as being flexible.yours certainly does,nt seem that way,what company are you with.
We do not seem to be living at the moment, only I leave the house is to do the food shop every 7 to 9 days or go to work - I work full-time as does my other half, opposite shifts to ensure no child care costs. We thought they might have used 15% rule this time round with the increase in petrol and fuel but oh no, we are with payplan.
Speak to Payplan and explain the situation. You need to review your I&E.
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
Thanks Jan we have already done that and flled in an I/E and got astandard letter back saying nothing more to pay - we have spoke to them too and their advice was do an I/E which we had already done early to see if we could release a little extra money.
I would be insisting on a further review and request to speak to the actual IPminvolved in your case ..... You should not be living like this.....an IVA is not an easy option but you should be able to have a better quality of life than it appears you are doing so.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi mab, if you are really struggling you need to speak to your case officer and explained your current situation, when you send in your I&E review tell them that you would also like to speak through it with them so that you can explain it all to them. If you would like me to look into anything for you then please feel free to ask, you can find my email address on my profile.
Hi, my name is Nick Payne and I am an Insolvency Practitioner with Payplan.
Read the Payplan blogs by visiting our website www.payplan.com
