charge on house

[kellym]

I have now got my draft of my IVA offer and I am sooo pleased as it now feels like we are doing something positive. The question I have is we have a date in August for one debt to claim charge over our equity in our property so my concern is I assume we will have to pay a monthly fee to them and into the IVA would this be the case? as if our IVA is taking all our surplus income how would this be possible?
Thanks for any help[:D]

[kallis3]

Hi Kelly,

I don't think you would have to pay anything other than your IVA payment. I am not sure about what happens with charge on your house, but I'll bump this back up so that one of the experts can answer it for you.

[Storm]

If the charging order is successful the debt is considered secured and will need to be priority along with other secured payments.

Has your IP not looked at an application prevent final order being given - fairly easy to use the preferential creditor defence ???

[kallis3]

Sorry Storm and Kelly - talking out of my a***e again!!!!!!!

I must make sure I know what I am talking about before I post!

[kellym]

Hi Storm I know my IP has been working very hard in contact with the creditors for ages but they have just delayed it to the stage we cant wait for them any longer. I am sure my IP will explain however I did not want to call them on a weekend so thought I would see if any of you could explain it to me[:D] I may have not understood it correctly as the paperwork only came today. I can see the section that shows secured credit and this has been removed from total unsecured debt but nothing is mentioned about a payment to them that I can see. I will look at it again though.

[kellym]

oops Im stupid it states they have agreed not to claim any payments for the duration of the IVA. Gosh my IP is good[:I]

[Soulgrowth]

Always good to have a happy ending [:)]

Debbie

[Adam Davies]

Hi Kelly
Is the creditor in question Northern Rock ?

[MelanieGiles]

Kelly

I am sure that your IP is well aware of how to deal with creditors who have obtained an Interim Charging Order over your property - and if that creditor is owed more than 25% of the aggregate vote then there is little point in trying to stop the action being taken.

Perhaps the delays in dealing with your case are justified, where there may have been difficult issues to deal with?

[suzanne100268]

You may try writing to the creditor and the court to say that as you proposing an IVA you are insolvent and ask the court to take the view that by making the interim charging order final at the hearing, would be securing the debt and preferring that creditor by giving security. I'm not sure if they would, but it might be worth a shot? The experts might advised?

[MelanieGiles]

That would not work Suzanne, as the security is taken from the date of the Interim Charging Order and not the Final. The final hearing is just a formality really, and if that creditor is owed more than 25% then they are not going to withdraw to accept a lesser percentage in the IVA.

I feel sure that Kelly's IP will have explored all of the angles with regard to this issue, and as they will be obliged to remortgage to release equity during the final year in any case, it may make no difference to the outcome - apart from this one creditor getting paid in full rather than receiving a dividend.

[kellym]

Yep I was just diving in without reading it properly[:I] I know my IP checked every angle to sort this matter out and that was not in question I know it was the creditors who delayed this part but was not sure if I had to pay them something aswell as IVA but after reading it all seems clear. Thanks for all your help though.

[kellym]

Melanie I was not meaning the delays were made by my IP I was meaning the creditors I worded this badly. I am very happy after reading my paperwork and can clearly see how much work and effort goes in to producing an IVA a fact I had not thought about fully[:I]

[MelanieGiles]

Kelly

I didn't think for a minute that you were suggesting that your IP had delayed the presentation of your case! You have been very patient, and must be glad that the end is now in sight.

[kellym]

We are really pleased the end (and start) is round the corner. Our IVA offer looks better than we though. We were quite pleased at the pence in £ creditors would be getting back as we thought it would be lower and we do want to pay them back what we can. We have not had any creditors call or send letters this week either thats been a nice break too.