A debtor (an accountant) entered an IVA in 2011. For four years she made monthly contributions without missing any payments. The proposal agreed by the Insolvency Exchange and others required after four years for the debtor to release equity from her home (a home in London, which had significantly increased in price) for the benefit of creditors. Variations were put forward by the debtor to stop the monthly contributions and make a full and final payment from pension funds rather than releasing equity from her home.
The Insolvency Exchange showed compassion and accepted the variations. The debtor avoided losing her house, professional status and avoided bankruptcy after successfully completing her IVA.