www.iva.co.uk

Dear Sirs,
Today I received a draft proposal from my administrator whereby they plan to call a meeting of the creditors to make my iva a paid up policy.
I have been in the iva for 78 months and send them evidence money cannot be raised for the equity value from my home.
My concern is that within this draft proposal there is a paragraph that states should the creditors not except this proposed paid up agreement , the supervisor will fail the iva and petition for bankruptcy !, this is after them telling me I cannot be made bankrupt ?
Can somebody offer me some advice please

Regards
Stan

Some companies put this in to cover themselves and people have asked for this to be removed if they are unhappy with its inclusion.

Hi,

I had this in mine and insisted it was removed, which it was.

Stick to your guns.

I would take the advice of Kallis and get this removed.

This is unnecessary and if creditors want bankruptcy they can demand it. This is unlikely anyway so tell the IP to remove it as it is causing you concern.

I also had this included in my variation in lieu of equity and I asked to have it removed which they did.