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Posted: Sun Jul 25, 2010 6:08 pm
by Malcy67
Hi, my 60th payment is in Sep 2010, like most I am expected to remortgage in the final year and release 75% of the equity. I have recently lost my job, I've managed to keep up the monthly payments but I don't think that I'll be able to remortgage in this position. Obviously after paying for 5 years I don't want to go bankrupt now or lose my house. Has any one got any ideas as to what course of action may be available to me.
Posted: Sun Jul 25, 2010 6:16 pm
by Shining
Hi there and welcome to the forum.
Have you found another job Malcy67? have you informed your IP of your change in circumstance?
I'm sure there will be a resolution, avoiding bankruptcy or the loss of your house. Sometimes with a change in circumstance it's been know for creditors to accept what's been paid to date and conclude the IVA but I'm not a professional and you would need to speak with your IP.
Which company are you using?
One of our professionals will be along very soon to offer advice. x
Posted: Sun Jul 25, 2010 7:23 pm
by MelanieGiles
I would be suggesting that your IP calls a meeting of creditors to seek their agreement that they accept the payments you have made into the IVA so far in full and final settlement.
Is there any equity in the property - notwithstanding that it would be impossible for you get your hands on any of it by way of a re-mortgage?
Posted: Mon Nov 08, 2010 7:33 pm
by Malcy67
I've offered to pay the equivalent of 12 monthly payments up front ( money from a family member). This will give a dividend of 17p in the £ instead of the 48p expected in the original arrangement. The meeting is coming up soon, anyone think it'll get accepted?
Posted: Mon Nov 08, 2010 10:21 pm
by Shining
I hope it is Malcy, if it's the best offer on the table it hopefully will. All the best and let us know how it goes won't you? x
Posted: Tue Nov 09, 2010 12:57 am
by MelanieGiles
I a sure your revised proposals will be accepted, as you are offering a very sensible solution. Make sure you let us know the outcome as soon as you can!
Posted: Tue Nov 09, 2010 9:36 am
by kallis3
Good luck Malcy!
Posted: Fri Nov 12, 2010 10:16 am
by Malcy67
Well folks I got the news that I've been praying for. Offer accepted!!
Thank you all for your support, I feel like I'm breathing for the first time in years

))
Posted: Fri Nov 12, 2010 10:54 am
by Michael Peoples
Great news Malcy and well done to your IP.