www.iva.co.uk

We are now at payment 58, cannot remortgage and want to offer 12m payments in lieu of equity. IP not over keen on this offer, and doesnt seem willing to fight our corner. 12m payments would raise about 1/3 of original proposed equity but will give a 60% dividend against 70% in proposal. What happens if offer rejected? Does IVA fail or do we get chance to appeal or revise offer?

So what alternative does your IP expect you do do if you cannot remortgage? The addition of 12 further monthly payments is most usual these days to address the equity release provision. Which firm are you with?

More worried about not reaching the original proposed dividend. I can see that some cases have been closed with next to nothing paid back and I dont think that our offer is unreasonable. Our IP says that they don't negotiate with creditors. They will tell them that we have equity available but would prefer 12m payments rather than releasing it.

An IP who says they don't negotiate with creditors!!! What on earth do they think their job is? And how are they expecting you to release equity when you are in an IVA?

hich firm are you with Lucy?

Hi Melanie,
I don't want to say which firm I am with in case they look on here and hold it against me! It is a well known firm and they have been great up to now. Just feel a little let down at the final hurdle.

Maybe you could email melanie directly if you feel uncomfortable posting on here. I know she is passionate about her profession and her desire for fairness.

good prudent judgment here lucyl...your IP is not anyone here so it is best to deal directly with your IP and not mention your iva firm here if you intend to disagree with it.A No No.

I do not recall this advice site serving as an IP scrutiny panel as well...where is the mandate...simmer down...

This site is hear to assist people who come to it for advice gamemaker. I have close links with most of the major firms providing advice. When I ask someone to name a firm, it is to see if I can assist - after all Lucy has come here looking for assistance.

what a load of tosh your ip is talking.thats there whole role to supervise your iva both ways.if they do not liase with creditors how does anything get done.tell mel who you are with,they cannot hold anything against you.thats what the proposal is therefore.gamemaker nobody will "get done" if you mention things on this forum.its exactly for situations like this where other ips and members can find out whats what.

...an IP will put the best case forward to creditors...unlike solicitors that represents entirely the plaintiff's interest, an IP will look for a win win for both sides, fees are paid by creditors as iva are 'not free'; and not debtors.I like to think is the approach.

I am sure there is a complaints procedure in the iva firm, if you are with Dfd...?? Use it if you feel the IP is incorrect. I am not
suggesting keeping quiet.

Agree with Mel - she will help when she can, even when posters are not her clients.

We don't know whether or not Lucy's IP posts on here or not and if someone can help then brilliant.

My issue isnt really with the IP that I have, I am quite happy to speak to them and try and sort things out amicably, and as I said, they have been great up until now. What I really wanted to know was are they just trying to force me into doing something I dont need or want to do to release equity by moving the goalposts, and also what happens if creditors reject 12m payments as an alternative because, hypothetically, equity is available but not through a remortgage which really is not available.

I doubt your creditors wouldn't agree. I have loads of equity in my house, unable to get a remortgage and so having to do the 12 months extra.

I hope so Niobe. This is causing me so much stress. I just want to get it over with.

Hi Lucyl,

I have bumped up your earlier thread on this topic, to people save going over old ground.

Can't believe your IVA company are still fighting you over this. I assume they are still pressuring you to take that secured loan.

As a couple of the experts have asked - who are you with?

The beauty of this forum is that you are anonymous, so no harm in naming and shaming. The company concerned might also have a rep. on this forum, who may be more helpful than your case handler in getting your case heard by the actual IP of your firm.

Besides, all you are doing is seeking a second opinion, so you are not doing anything wrong.

Wish you the best of luck sorting this out - sounds like a real nightmare.