www.iva.co.uk

Hi , I am 76 months into my iva , which has been extended to 84 months after a 12 month break from payments.
My equity value is 22,000 , but I received 2 refusals for loans to release this money.
My partner , who is not part of the iva has been made redundant and therefore from my income and outgoings latest figures show , I cannot extend 12 months because basically I cannot afford to?
pay plan are planning to discuss with the creditors whether they will except a paid to date meeting , which I am led to believe the iva will end as paid up.
The creditors stated in the last amendment meeting that they did not want the iva to proceed beyond 84 months ?
Pay plan are informing me that should the creditors refuse the paid to date meeting , they could in fact fail the iva and make me bankrupt ?
Pay plan are claiming they have never faced a situation similar to this , but they feel confident the creditors will vote to accept the iva as paid up.
Any advice would be appreciated please regards NSH

Payplan always warn clients that the creditors could make you bankrupt -- indeed I believe they mention the possibility to the creditors in the variation proposal. In the past clients have insisted that any mention f bankruptcy be removed from the variation, which they have done .... why ask for trouble ?

I find it hard to believe that, with the thousands of clients, they have never come across this or similar situations. Indeed, these situations often come up on the forum and I have seen a few accepted as paid to date due to ongoing unaffordability due to changes in circumstances. Mine was closed for this very reason, but not with Payplan.

Hi

As you have no disposable income I can't see any other outcome other than payments made to date as full and final payment

Good luck

Regards

This is a common occurrence and like Foggy I find it bizarre that Payplan say they have never come across such a situation! Given your circumstances I believe that creditors will accept payments to date especially as Payplan are funded by the banks ands regularly receive referrals from them.