Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

By Jazz butcher
#45492 We have just completed 1st year of IVA (£490 per month) our mortgage has risen from £ 665 to £810 in last 6 months. Our electric has gone from£65 to £140. We contacted our IP and they have agreed to lower our IVA payments but we must extend our IVA another year. This means we have to start again is this correct?
We agreed to the change before Xmas, (we were desperate) but now I am regreting the decision, as we seem to have waisted 1 year. Can we retract our new offer?
User avatar
By Sammy
#45624
Jazz butcher wrote:Our electric has gone from£65 to £140.


My God that's a hell of a jump - is there any chance of a cheaper supplier where you live. I only pay about £27!!.....mind you it's a comparatively old mid-terrace -but whatever size house you've got that's a lot to shell out. Admittedly my gas is more expensive but even so I think the total comes to £70......
By POPPY25
#45634 why dont u try and get a quote via uswitch.com it gives u some ideas of prices
By S&M
#45656 Jazz

Has your IP put something in writing to you explaining what is happening as it seems that your proposal is being varied and strictly the creditors consent is needed for that.

He may be using his "discretion" to ensure that the same amount is realised in the IVA albeit over a longer period.

I would ask him to clarify the position in writing.

On the electric front as stated elsewhere investigate cheaper options.

S&M
By rmb282
#46415 I don't think it means starting again, just extending the existing contract a further year, however, the thing to watch is things like the nasty clause that I had in mine, it stated that in the fourth anniversary of the IVA, I would release the equity of the house and pay this into the IVA, therefore they would have had over 100% as the house went up a lot.

So two and a half years in, I asked whether I could re-mortgage to present a full and final settlement at the agreed rate in the proposal, this being £0.49/£