What Happens Next?? IVA coming to an end

dbt3mummy

Our final IVA payment should be this October and we have had a really bumpy ride due to a rubbish IP!

Could someone answer a few questions:

We read on these boards that in year 4 many are asked to remortage houses etc to create extra dividends - we have no property and are only assests are our cars which are required for work, when we entered the IVA we had a different car and needed to change it due to a growing family - could we be asked to sell to make extra money? Year 4 has come and gone, no contact or review to date - report was due for issue last month and still waiting on that.

The IVA is in my husbands name only but one of the debts was joint and a collections agency persued me for the remaining balance which I'd negotiated to keep at 0% and this will be paid in full by July - I'm worried that they will try and get more via their dividends even though I know they won't be entitled to them - the IP doesn't seem to be taking my concerns into account - will they be allowed to do this?

After payment 60 - is that it ? Will they try and get more? They did try to extend by a further 10 months (due to their incompetence) but thankfully my husband was getting a good pay rise and we've managed to up our payments accordingly to reach more than the anticipated dividend in the £.

We're worried that this will drag on - it's been a long 5 years and now that little light at the end of the tunnel is shinning every more brightly we're worried that knowing or bad luck it will be snatched away from us.

Any words of reassurance are gratefully received!

FoggyBrain_2

The cars, if they were to be regarded as assets would have been dealt with at the start of the IVA -- they have probably been excluded (should say in your proposal). If you have no property there is no other way they try to get extra funds.

As long as you've got pretty close to the anticipated dividend 60 payments should be the end of it as far as the IVA is concerned. Again, chech your proposal (I have heard of some that state an exact sum to be paid and, for one reason or another, there has been a shortage at te end, which needed to be made up ---- unusual though).

My only concern is that joint debt. The creditor can persue you for the aount outstanding, as in a joint loan, if one party defaults, the other is liable.

dbt3mummy

Thanks for responding

We are going to more than meet the minimum dividend thankfully and we have learnt so much over the last 4 years with regards of how to successfully manage money.

If my maths are right I would of paid off the entire joint debt before the end of the IVA so the rest of the creditors should get a slightly bigger hand out.