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Paying off IVA
superpat_2
Posts: 1 Newbie
in Loans
???I would appreciate your help with
my dilemma.
Five years ago my husband and I entered into a Voluntary Arrangement to
clear our debts, which had escalated to £67,395 over the years, because we
had been making just the minimum payments on credit cards and loans.
The Voluntary Arrangement went through OK and at the final meeting we agreed
to pay back £600 per month over 60 months, they also added a modification
that after 4 years we would get our house valued and if there was any equity
it would be paid into the arrangement, the modification allows the
arrangement to be extended by a further 12 months to allow any payment which
may be due.
Four years ago our house was valued at £67,000, but the recent survey has
shown that the market value of our house is now £154,950, this means that
our repayments will increase to well over £1000 per month, and we cannot
afford this increase.
We have no idea how we are going to settle this situation, and would welcome
any solutions you can offer.
my dilemma.
Five years ago my husband and I entered into a Voluntary Arrangement to
clear our debts, which had escalated to £67,395 over the years, because we
had been making just the minimum payments on credit cards and loans.
The Voluntary Arrangement went through OK and at the final meeting we agreed
to pay back £600 per month over 60 months, they also added a modification
that after 4 years we would get our house valued and if there was any equity
it would be paid into the arrangement, the modification allows the
arrangement to be extended by a further 12 months to allow any payment which
may be due.
Four years ago our house was valued at £67,000, but the recent survey has
shown that the market value of our house is now £154,950, this means that
our repayments will increase to well over £1000 per month, and we cannot
afford this increase.
We have no idea how we are going to settle this situation, and would welcome
any solutions you can offer.
0
Comments
-
Please can you explain on where the additional income was supposed to come from when that arrangement was made. How was the rise in value of your property supposed to make a difference to what you could afford to pay unless you sold it - in which case where would you live?0
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