delaying the process for me to finalise the IVA ?

[scooby0]

I took out a joint IVA in August 00 with my husband (we are now divorced) but as I am now in the "family" home, I am the one left to remortgage for the full and final figure, that was accepted last May. I have had a lot of trouble trying to get another mortgage, one has now been offered, but DFD were asking for another creditors meeting, even though they were not going to get another offer from me?

They have now decided they will write to my creditors to ask if they wish to have another meeting.I feel this is not fair as they are delaying the process for me to finalise the IVA. Also I have noted on the insolvency register my name is not on their but my ex-husbands. Therefore if this last mortgage offer fails due to time lapse again,through no fault of my own,will I be the one that will be classed as bankrupt together with my exhusband or would it just be him as he has not offered or attempted to raise any further cash towards the full and final payment.

[MelanieGiles]

Hi scooby and welcome to the forum

Are you raising the amount which was originally offered? If so I cannot see why your IP needs to revert back to creditors again. You will not be classed as bankrupt if you are in an IVA, but this matter does need to be sorted out. Leave it with DFD as they obviously know what they are doing.

[ianmillington]

Do I read you right, Scooby0, your IVA is coming up to its 8th anniversary?

Ian

[scooby0]

Hello Ian

Yes you're right 8th year!!! I don't think there is anything within the IVA which stipulates for my sort of case. It was a joint one and still is,however I am now divorced from the other party and this doesn't seem to be taken into account. i.e I am the one that has to clear the full and final settlement as I am in the former family home and he is claiming that he cannot raise any cash towards this - although he has a charge on the premises in the future for me to pay him when my youngest reachest 18 years of age.

[scooby0]

Hello Melanie

I am not offering a higher amount or lower for full and final settlement, but DFD state that they have to write to the creditors to offer another meeting due to the time lapse from the original meeting, May last year. I know of the delay and DFD have been kept informed at all points and not once have they suggested that another meeting might have had to be called.

All I have is the worry now that the remortgage offer I have is going to expire (another one) due to the time, 14 days, that is offered to the creditors to reply. Although the brokers I am using feel that the timing should be ok.

regards

[ianmillington]

I think yours is one of those cases where it will be a bit difficult to tell you what your rights and obligations are without taking a look at the papers. To advise in detail will be dangerous for me (and even more dangerous for you to rely on!) without it, although there's a fair chance that the reason for this new meeting is to extend it to prevent expiry. Expiry is the messiest thing that can happen to an IVA as there can be no variations (as there is no IVA) and the only other options are to informally complete it or bankruptcy. So you don't want that happening.

My guess is that you have already had a couple of extensions and it might only be a question of time before the creditors get fed up. However, to advise you properly I'd need to see the papers.

Most of the forum experts will spend half an hour with you without charge. Who is best for you will to some extent depend upon where you live.

Ian

PS sorry I was still typing when you made your second post. I think the points I've made remain valid though.

[scooby0]

Hi Ian

Thank you for your points - I'm just keeping my fingers crossed for the next couple of weeks and if all goes well then fantastic if not then the IVA will have failed, and I will have to take the next stage, of course I do not want this, but looking at how the money market is now, trying to remortgage for people in my situation is getting harder and harder.
I will await the news and let you know as soon as I do.

I appreciate your time and thoughts.
Thank you and regards

[Rachael24]

Make sure you keep us updates scooby...I would like to hear how it ends up

[ianmillington]

Has the meeting actually been convened scooby0 and if so will it take place before expiry of the mortgage offer? I agree with your comments that things won't get easier. It might make sense to keep moving forward with the remortgage on the basis that you will get your extension, but check with DFD as to whether they envisage any problems. As you are offering the already accepted deal, you will hopefully not get a problem.

One point, whose name is on the deeds? If it is both of you, have things been sorted to enable you to apply for a mortgage on your own?

Ian

[scooby0]

No the meeting hasn't been convened yet. They are asking the creditors if another meeting is required, why I don't know as they aren't getting anymore or less that original offer. The name on the deeds is ready to be put into my name as my ex husband signed it over last September when my last mortgage offer was on the table, but as he took too long to sign the offer had expired after an extention and they were not offering the same deal. So as you can see I have not had an easy ride on this. I am awaiting to hear from brokers to ensure that the letter DFD said they were sending has gone as the woman who was dealing with my case left the company on Friday. I will keep you posted.

[ianmillington]

I would agree you have not had an easy ride.

I'm a bit baffled as to why they should ask the creditors whether another meeting is required. That would suggest to me that the IVA isn't on the verge of expiry, otherwise it would be simply a matter of fact. Wonder whether because of the delay you haven't complied with the time-scale expressed at the time of the last extension thus there is a technical breach.

I'm guessing here though and on that basis there is a serious risk that anything I say will be unreliable at best and plain wrong at worst. I would speak to DFD, and ask them to explain the legal situation to you, and get it straight from the horses mouth.

Hope this helps

Ian

[scooby0]

Hello Ian,
Thank you again The only failure that has happened is the length of time from the meeting of my full and final offer to this latest mortgage offer, as it was stipulated that they required the monies offered 3 months after the meeting date, which I know that this has failed - so I am going to await to see what happens in the next fortnight.

[scooby0]

[:(]
well so much for the 14 days that Debt Free Direct said that they'd give our creditors to reply to their letter??
The letters were supposed to have been sent on Friday 29th March(a copy had been sent to my brokers) and I have heard today that the letters have not gone!!!
DFD allegedly have sent me and my exhusband a letter to confirm it is ok for DFD to send the letter to our creditors these neither of us have received.
If it wasn't for the fact that my broker rang DFD today to see if there had been any response I would have been non the wiser and left it till Monday next week (the supposed 14 days) to have found out then that the letters were awaiting our approval??!!!!
DFD actually agreed to send the copy of letter via fax and email to me this afternoon and I have had to contact my ex husband to get him to come and put his initials and a covering letter to confirm we agree for the letters to go to creditors. Now I have to await a further 14 days after DFD receive and send on....How much longer is this going to take for the full and final settlement to go through. My mortgage offer is there waiting - but it won't be there forever...

[MelanieGiles]

Keep chasing your IP directly - I recommend e-mail which generally gets a fairly immediate response and cuts out the secretaries and junior staff members if necessary.

[scooby0]

Thanks Melanie

I am sending the letters required by DFD by recorded delivery tomorrow so there will be no excuse by them that they have not received them at all.
Am I allowed to mention who my brokers are on this forum? As I feel they need a mention they have been absolutely fantastic to me..