Hi, I am just filling in forms and digging out information for our IVA and Payplan have sent me an RX1 form in relation to our property. I don't like the look of this as it is an application to enter into a restriction, what does this mean? Is there any possibility I can be forced to sell my house as one of my main creditors is Northern Rock and they also supply my mortgage....help
All it means is that you can't sell the house without informing your IP. If you do sell it then obviously a certain percentage of the equity will need to be paid across to your IVA.
You won't be forced to sell your house.
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They should really have explained the relevance and need for you to sign this form prior to sending it out to you. Your home is probably your most important asset, and it is the area that IPs need to really ensure that their clients understand prior to them entering into a formal repayment agreement.
As Jan has already confirmed, the form merely prevents you from selling the property without your IP's permission, but is a requirement of all protocol based IVAs.
It should have been included as a clause within your Proposal - have a look and see what it says in respect of the property.
Last edited by David Mond on Mon Apr 06, 2009 4:54 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
