hi ive been in my iva for 4 and half years and my income has droped and i carnt afford to pay my morgage and iva at the value they want me to i wrote to my iva and explained this and could they reduce the payments some how and they have just turned round and said that u might be failed on because of this is this right because i have paid into this for so long and i just want rid of it now what happens if they do fail me what happens to the mioney i have paid in and will my creditors start hazel me again for more money advice plz
It seems a shame for your IVA to fail now after such a long time. Try speaking directly to your IP and asking if you can lower your payments and possibly extend the term so that you can complete it.
If it did fail then monies already paid across would be paid to the creditors but they would start to hassle you again as you would be back to square one.
Hopefully this won't be the case and you can come to some sort of compromise.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
hi kev if you could borrow a small amount of money from a 3rd party you could offer it as a lump sum for a full and final offer with a variation meeting request based on the change of your circumstances.the funds would have to be only available if your creditors accepted the offer.then you could pay the money back later when you were debt free.
I would make sure the information you have been given has come straight from your IP and not just an office worker.
It would be very harsh to fail your IVA this far in for circumstances out of your control. The payments could be lowered and the IVA extended to accommodate this if needs be.
