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Hello, I have been awarded a "Full & Final Settlement" IVA which i need to pay by 28th October 2008, which was based on available equity in my property and then getting a secured loan to pay it. However since this process began the credit-crunch has hit hard and my house has now dropped £50k in value and now that the IVA is lodged on my file (as suspended? i don't understand that)

I am finding it difficult to get the secured loan to pay it for both of these reasons (1) not having as much equity in my home as there was when the process began and (2) having a "suspended IVA" lodged on my credit file. Lenders just will not lend to me because of these reasons. Can you please help? I am desperate to pay this otherwise our house could be taken off us. Many thanks, Nicola

Hi Nicola and welcome to the forum.

One of the experts will be along to give you some advice.

Hi there and welcome to the forum

It is strange, if not dangerous, to put forward and IVA on the basis of an ability to borrow money in the future. Did you have a loan offer when this was first presented?

I am not sure what IVA suspended actually means on a credit file, but one of my clients complained of this the other day. If "Storm" is about could you throw any light on this please?

If the money cannot be raised, your IP will have to put a variation forward for you, but this could result in creditors asking for the property to be sold. As you would have been funding higher outgoings once the anticipated loan was put into place, could you afford to pay monthly contributions into a new IVA?