www.iva.co.uk

I am just completing my 4th year of an IVA, I had the equity release clause in my contract. I am emigrating in a few weeks time and have sold my house which is due to complete in 2 weeks. I have kept my IP informed every step of the way and advised that I wanted to negotiate a full and final so that I wouldnt have the IVA to worry about once I moved. I was advised that I would get a reduced figure based on this. Now my IP wants my full have of the equity leaving me without a penny. I appreciate that I got myself into this mess but can they do this?

Hi Sally and welcome to the forum.

As far as I am aware, you should be able to keep back enough money to cover costs.

Have you spoken to your IP directly or just one of the office staff?

Who is your IP?

Hi Kallis

I am using Wilson Field for my IVA, I was originally expected to realise £8000 in year 5, I have equity now of almost £26,000 when I spoke to one of the office staff I was told to expect as a F&F to pay £8000 plus what i would have paid in year 5..... Perfectly realistic..... now two weeks prior to sale they want all of it!!!!

Sal

Speak to the IP directly and enquire on what grounds does he/she claim all of the equity. At the end of the day it is your offer to make, not the IPs, and my gut feeling is that creditors will be happy to receive the figure that they originally agreed to - especially if you can justify that the balance will be needed to fund your relocation and resettlement costs.

Hi
Did you get anything in writing or in an email from the person that you spoke to in the office ?
Regards

Hi Andy/Mel

The only thing I have in writing is the email advising the full amount wold be required. I have e-mailed back re the original information given and cost for re-location.... I am not confident that this will have any effect though as the email made it clear the full amount was required.

Mel - This was the advice they were giving me over the phone

Get speaking to the IP directly - which firm are you with?

Thanks Melanie, I will do that ASAP.
My company is Wilson Field

I have managed to negotiate £4000 to allow me to relocate but will have to pay over £21,000

Is £4k enough to meet all of your relocation costs?

Hi Mel

It will cover my flight and first month's rent and deposit..........

I will just have to be really careful with my pennies

I would push for more to be retained - say around £7k. Do you have a job to go to?

struggled to get anything so no way could I push for £7K.... i'm resigned to my fate ...

Speak directly to the IP - I'm sure they will be sympathetic. Let us know how you get on.

i think she has been speaking to her ip jan and not got anywhere other than her £4000 which is not quite right somehow.
i would just tell my ip i wanted to put forward an offer and make them ask the creditors the question.