www.iva.co.uk

Hi I'm in the 5th year of an IVA and up to date with both the iva payments and my mortgage.my original agreement was to pay back 28% of the debt (agreed by the creditors) however my income tax and vat bills have been reduced considerably and the money ive paid in amounts to 40% of the up to date liability.

The people who arranged the IVA now say they want me to remortgage my house to raise £10000 to add to the fund,this would then push the percentage to about 80%
the problem then becomes greater because I have not worked for the last 4 months due to 3 operations and when I was due to go back to work the same problem arose again so I need to have another operation.

On telling my boss this fact he then gave me 3 weeks notice of dismissal. The question is "what the hell do I do now" please give some advice

Hi p.h23

So sorry to hear about your problems and at this very late stage of your IVA too! I cannot offer you any advice but wanted to welcome you to the Forum and to tell you that you have come to the right place because there are many experts who post on here and will be able to point you in the right direction. Incidentally, have you spoken to your IP about being dismissed from your job? (Not a very nice boss, I think?!!!!)

Regards

Liz
x

Speak with you IP and explain - if you have paid over the original agreed amount then this should be taken into account, and I am sure your creditors would see this as a final offer maybe - the fact you have paid in nearer the 80% is significantly more than they had hoped for in the first instance.

Hope your operation goes well - I am sure once well enough another job will come to you!

If it is a requirement to raise money from the equity in your property, and you are unable to do so, then your IP ought to call a meeting of creditors to ascertain their wishes. The most likely outcome is that will agree to settle for what they already have received if you have no income now.

Hope you are feeling better soon.

Hi
With no job you will not be able to remortgage so,as Melanie states,your IP should conclude your IVA.
Please take advice on the employment aspect as the actions of your employer seems very harsh and may be unlawful
Regards