hi i'm currently in the process of an IVA not signed the final paper work yet. they have worked out after all expenses that i should be able to pay £184 a month. however i am concerned that because of my 2 mortgages which are both tracker that as soon as the bank of england base rate of interest goes up i'll no longer be able to fulfill my payments towards the IVA. i'm working part time at the moment. one of my properties is rented out and the other i'm living in. i don't see the point of paying an iva company for a couple of months and then them telling me i should apply for bankruptcy.
The difficulty with any IVA proposal is that people's circumstances often change during the course of the IVA. In the circumstnces outlined I think you are right to be concerned.
Anyone giving advice would need to know more about your individual circumstances, but I would suggest discussing this with your nominee (or whoever your contact is in their office) in the first instance, or taking further independent advice if you aren't satisfied with the answer.
As a general comment it is difficult to build into a proposal enough leeway to make allowances for such changes in circumstances, as creditors will want as much of a contribution from you as they can get.
hi i'm currently in the process of an IVA
Posted - 11 March 2010 : 10:10:48
