www.iva.co.uk

hi i have been in a iva plan for over five years now and at the start of my iva i agreed to realease equity from my property it was around 3000 pounds but there is not any equity in my property and my iva company want to up my payments from 79 pound a week to around 155 pound i can not afford this i have fallen behing with morgage payments as well. they wont extend my iva because it will go over the maximum of 72 months which i agreed at the start because i did miss a couple of payments thats why i carnt extend it my dept company are freeman jones they have said that they wont extend this so i dont know what to do now. i carnt afford them payments and they mention dmp what does this actually mean because this is just prolonging things in my eyes. what is the best option for me because i can bearly live on what i have left over as it is and it really geting me down is there any help i can get it feels that they are just trying to make my iva fail.

thankyou for your time

Hi Kevin.

A DMP is a debt management plan and it will run for longer than an IVA.

It seems silly for it to fail now. Try speaking to your IP rather than a member of the office staff and explain things to them, and see if they can help.

i have and that what they have said they wont if i go into a dept plan what happens to all the money i have paid into my iva

The money you have paid into your IVA will be distributed to your creditors, less the IP fees.

However you would find that as soon as it failed the creditors would start putting interest and charges on.

Have they said why the money is going up so much? Have you had a review recently? You could always ask for one if not.

yes its gone up so much as its coming to a end and at the start of the iva i agreed to pay 3000 pound if there was any equity in my property but there is not so they are puting the 3ooo pound on top of my payments thats why is gone from 79 per week to 155 because they say the maximum my iva can go to is 72 months my payments of 79 would finish in feb 2012 but then i would only have 5 months to find the 3000 grand so the only way would to brake that down now which it works out to be the 155 a week if i did it that way if not they are going to fail me thats why i ask is there any thing else i can do as i can not make them payments.
thanks

should i just go bankrupt and if so what do i do because all my iva company want to do is fail me in my eyes its like its coming to a end and all they seem to help me is to hazel me for more money all the time i can never understand when my wages dicreased my payments staid the same hows that work what is the point in having a review every 6 months

Kevin, I hope one of our professionals can come on and advise further. I really don't know what to suggest. It seems wrong that it should be failing at such a late stage.

hiya kevin,
i really feel for you, it would be terrible to fail at this late stage, as kallis said i hope one of the forum professionals pick this up soon.

Hi Kevin,

I really have no idea on what to suggest, have you insisted on speaking to your IP rather than just the office staff?
I would try emailing you IP direct through this link:
http://www.insolvency.gov.uk/fip/
It does seem very wrong to me as well to let it fail this far into your IVA, hopefully one of the professionals will be along x

It sounds as though he already has Lyns and hasn't got anywhere with them.

Then I think we are completely stumped.

Sorry Kevin if you already have, please hang on for a professional.

thanks all for understanding xx

This doesn't sound right at all. I hope one of the professionals will pick up this up.

If there is no equity in your property it seems harsh to ask you to pay the extra. Was this written into your proposal?

Hello Kev dont worry you have come to the right place here for help.Your IP is obliged to propose a offer for you to complete your iva early with a full and final offer at your request.Rather than risk your iva failing at this late stage i would consider making one in writing even if its only for a few hundred pounds,have you got any relatives or friends that could help you make a offer.you could pay them back if the offer is accepted at a later date.