Iva help
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Hi there, help needed please, I am in my 5th year of an IVA and I had been asked to remortgage and as expected my current provider refused, I have also tried online and refused there as well, I was then contacted by select partnership and offered just over £8k by them and they said they would be able to settle my IVA, my IVA company Varden Nuttall then proposed this to my creditors the biggest being the inland revenue and a meeting was planned, the meeting was then cancelled as Varden Nuttall said they had no intention of accepting this and said we needed to go back with a bigger offer possibly x4 as much, if this was then refused they would look for me to sell my property in order to claim the full amount, I have a copy of my 2013 agreement and it does mention an rxi form had to be signed but when I took out the IVA it was a very quick conversation of 5 years possible remortgage (but wouldn’t be able to) then might just have to pay another year then it would end....Please can anyone advice me ASAP....Thanks.
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Comments
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You will be asked to pay for another 12 months - then that should be it, if you cannot get a remortgage.
The whole point of the IVA is you pay for 5 or 6 years and thats it.....even the Inland Revenue cannot change them rules.
Not sure who select partnership is or how they contacted you and why.0 -
Hi there, many thanks for the reply but the IVA company saying I will have my IVA refused and nulled if I get my next offer to settle refused and then can be forced to sell my house as I have equity, I have spoken with the citizens advice and debt charity but not getting anywhere and I know the IVA company will be back asking me if I want to take the option of trying to raise more money to settle or face having to sell my property....getting concerned and don’t seem to know where to turn....0
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What does your IVA say about release of equity, or has there been an additional condition added?
This doesnt sound normally at all - IVA is supposed to protect your property.0 -
There apparently was a change made in 2016 that mentions an RXI form, I can’t remember signing this but may have done? Also can an IVA be changed from what you thought you agreed? The IVA company Iam dealing with was taken over as it went into receivership so not sure if it was done then? Thanks for your response previously...0
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Get your original paperwork and go from there. There can be a variation meeting but you need to be informed and agree if your property is at risk - its probably the HMRC not accepting anything other than 100% of the debt repaid.0
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An IVA protects property from having to be sold, that is the main advantage over going bankrupt. There is lots of conflicting information in your posts so I think maybe your IVA company isn't explaining the situation well.
Remember you are not trying to 'settle' your IVA - maybe this is where the confusion is coming from with your IVA company?
You are trying to follow the condition about trying to remortgage and release equity.
Who is this 'select partnership' and why did they contact you directly? Are they a mortgage company? Where did they get your details? They sound suspicious.0
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