I am just going in 2 a Iva and they want me 2 sign a rx1 form but cause I don't know all the in and outs just a bit worried as their saying they is nothing 2 worry about . Can u help me on this please ? And give me some more information
Hi, everyone who owns a property and has an iva has to sign one of these. it just alerts your IP if you try to sell the property while in an iva and the restriction will be lifted once it's finished.
The RX1 places a restriction on the house title deeds, which will alert the IP if you try to sell during your IVA. If you do sell the proceeds will be due to your creditors, so they want to know about it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If your IP has not explained about the RX1 then you should be concerned about what else they are not telling you. As you have not entered the IVA yet you should seriously consider speaking with another firm and get the answers you need. Clients should be aware of everything before they commit or agree to anything and forcing people to sign legal documents without an explanation is appalling.
I agree that there is nothing sinister about an RX1 but this should have been discussed with you.
