Can they make us go Bankrupt to sell property ?

[alanta]

my husband and i are in our 4th year and in the agreement have to find £12,000 we are 69/79 and have been turned down for remortgage a few times.Can they make us go Bankrupt in order to sell our property we have interest only Mortgage ??

[cfnc]

It depends on what your report says, most will only expect a remortgage, if you have 15% equity in the property and the amount available to be released is more than £5000. also the extra payment needs to be not more than 50% of your iva payment.

If it is deemed that you can not raise the extra then you may get an extra year added.

Hope you get it sorted and i am sure an expert will give correct info

Kirsty

[Lisa2009]

Have a look on your proposal to see what it says about the remortgage.
Once you have proved that your best efforts have been made to get a remortgage, either you would be asked to pay some more monthly contributions or your IVA would just end.

I honestly dont think you will be made bankrupt.

Dif out that proposal and check the wording then get back to us xxx

[Soulgrowth]

Hi Atlanta

I would have thought it unlikely that they would make you bankrupt with you having come this far with your IVA .. as the others have said, more likely to extend your IVA a little.

Debbie

[MelanieGiles]

I will eat my insolvency licence if this results in bankruptcies. What a ludicrous thing to expect you to do at the end of the IVA, given your ages. This provision should never have found its way into your IVA proposal in the first place.

[alanta]

Thankyou for all your messages, our Insolvency Practitioner are putting the proposals to the Creditors in the next week.Has anyone dealt with Morgan Tyler Company of York,As we were reaching our 4th Year they said they would help us free of charge,but they was lack of feedback, unfortunately they now have our IVA documents and so far after e-mails etc have not returned them.Thanks.

[MelanieGiles]

I have not heard of this company I am afraid. And there is no record of a firm listed on the insolvency register.

[alanta]

Thankyou,
It is tylermorgan.co.uk
28b swinegate York
YO1 8AZ Regulated by the Financial service Authority
ref 464951
Sorry .

[MelanieGiles]

I assume that they are some form of finance brokers rather than an IP firm.

[kallis3]

I've had a look on their website. They specialise in helping people who have gone through, or are in an IVA.

They offer loans and mortgages and also offer to help you do a F&F by releasing your equity.

[Skippy]

I somehow found my way onto their mailing list - I'm not quite sure what they were going to remortgage for me as I don't own a property.

[Adam Davies]

Hi
I think that they target people from the insolvency register and will assist in arranging a remortgage to conclude your IVA early.

[Soulgrowth]

I ended up on their mailing list as well ... they send out a 'newsletter' every so often ... so you are probably right Andy.

Debbie

[Skippy]

To be fair to them when I rand and asked to be taken off of their mailing list they were fine and I haven't had a newsletter from them since.