Advice please on IVA

TomBoyNI

I have read a lot on these forums and now would just like to get a few experienced opinions on my queries :

1.) Firstly my IVA has been running since March 2007 and I was reviewing the agreement today and it says the following under 'CONTRIBUTIONS'

'I will pay the supervisor contributions from my future earnings. The contributions will be in the sum of £800 per month starting no later than one month from the approval of my proposal. Each subsequent amount will be paid monthly up to and including January 2011.'

Does this mean my agreement ends in January 2011?

2.) In April 2008 I made a F&F Offer of £33,000 which was to be met via the sale of my house, no further payments were expected from me, however I continued to pay the £800 a month so that due to the market and housing any shortfall could be deducted from these payments. However as yet the house has not sold so these payments are still be made.

My next question is does this offer stand should my house not sell, and the £33,000 is paid via the contributions or made from another source?

3.) A further 6 months payments were required to meet the equity in the house at the end of the agreement, however when the initial valuation of the house was made the house was worth considerably more. In that it was valued initially at £140,000 nnow it is at £80,000. Am I therefore likely to have to make these payments on equity that no longer exists?

And finally back to Question 1, does this mean my agreement ends in January 2011, as stated above, when I was expecting March 2012, 60 months later.

Many thanks for any advice.:beer:

TomBoyNI

Please anyone?

Nargleblast

Will bump this back to the top for you - I am sure someone will be able to give you some answers.

Charco_2

1.) Firstly my IVA has been running since March 2007 and I was reviewing the agreement today and it says the following under 'CONTRIBUTIONS'

'I will pay the supervisor contributions from my future earnings. The contributions will be in the sum of £800 per month starting no later than one month from the approval of my proposal. Each subsequent amount will be paid monthly up to and including January 2011.'

Does this mean my agreement ends in January 2011?
I dont think anyone but your IP/IVA provider is going to be able to answer this one for you...

2.) In April 2008 I made a F&F Offer of £33,000 which was to be met via the sale of my house, no further payments were expected from me, however I continued to pay the £800 a month so that due to the market and housing any shortfall could be deducted from these payments. However as yet the house has not sold so these payments are still be made.

My next question is does this offer stand should my house not sell, and the £33,000 is paid via the contributions or made from another source?
I dont think so. You've made an arrangement to make 60 x £800 payments to your IVA, £48,000!
Your later agreement is for a lump sum of £33,000 (after already having paid about £10,000). The reason your creditors would have been willing to accept this is that their choice was either wait for 47 months for £38k or take £33k quickly. Set aside the part about getting the money in quickly, there was also the risk that your IVA might fail and so this was a rather good offer for your creditors... even though in the fourth year they'd be looking to address your equity anyway!
However, it now looks like your IVA is going to run the full course (good luck) and your creditors are going to be expecting a dividend at least in line with what was agreed March 2007.

3.) A further 6 months payments were required to meet the equity in the house at the end of the agreement, however when the initial valuation of the house was made the house was worth considerably more. In that it was valued initially at £140,000 nnow it is at £80,000. Am I therefore likely to have to make these payments on equity that no longer exists?
NO. If you just ride out the remainder of your IVA, you'll have a fourth year valuation to take into account any major assets you have - generally just a house!

And finally back to Question 1, does this mean my agreement ends in January 2011, as stated above, when I was expecting March 2012, 60 months later
As with all the answers here, I do feel your best bet is to contact your IP... I dont know why it would say January 2011 when a simple calculation would show it ending Feb/March 2012