www.iva.co.uk

i am worried about some aspects of my iva.i have now been paying back my iva for almost 2 years at £470 a month.
i own 2 properties and one is a buy to let which should have been sold within 12 months of the iva start to release £16084 into the pot,but i have had to rent it out as it will not sell in the current climate.there is also the following:the debtors main property is to be professionally valued shortly after the fourth year and the equitable interest or £31645,whichever is greater is to be realised and paid to the supervisor.if necessary the arrangement can be extended to allow an equivalent sum to be paid by way of ongoing contributions for a period of 12 months.at the moment there is probably no equitable value in the home and looking forward i cannot see there being much value either.
i have recently took early retirement and have a lump sum of £40,000.can i offer this as a full payment to get this agreement finished?

i am 51 years old and am working again and my income is broadly unchanged.

hi Mickdave

give your IP/Supervisor a ring and explain the situation to them, it may be possible to apply for a variation to your IVA and perhaps a F & F. Only your IP can make the decision with the full facts to hand as to whether this is an option for you.

Hi Mickdave,
As Melanie has said it is vital to speak to your IP in particular as you appear to have drawn down the funds. If this is not the case and you have not received the pension monies yet a variation could be called to accept the money in lieu of the equity in the properties and exclude them completely from the arrangement.

Given that you are still earning the same money it seems likely that the IVA could run it's term as normal but if agreed by creditors and your supervisor, the properties could form the basis of your retirement given that your pension fund was paid to creditors.