The news today is about property and house prices hike....the Return!
OMG
I can't help it but to see the perverse connection of the iva mentioned here and all the moral panic been discussed on property speculation coming our way.
Last edited by nonewdebt on Tue Aug 13, 2013 10:46 pm, edited 1 time in total.
Going back to Josie.
Many secured creditors do not vote on uncrystallised shortfalls and your relative's vote would often carry the day. However, creditors have the right to vote and they have exercised this right so you may have to agree with their demands or face bankruptcy. Hopefully your IP can get a proper result for everyone as it does appear that the creditor is amenable to some form of IVA.
In my own experience, and perhaps moreso in cases I present in Northern Ireland - where there are a lot of property shortfall cases at the moment - I am increasingly seeing more and more banks coming along to vote - so your IP should not have been surprised by this outcome, the bank effectively being the largest creditor.
True Melanie. But this only relates to the Irish banks and not the UK ones who loaned the bulk of the money here. We have had problems with Southern Irish banks, NAMA, IBRC etc but hopefully we are starting to get these resolved.
They are definitely coming round - am just not sure whether this is a good thing or not! Like you, we are dealing with literally millions of pounds of shortfall debt in NI - and it is looking worse in the South.
Irish banks lend 'eye watering dizzying heights' of obscene money to people, why they even supported consortium bids to outbid the Arab sultans to control prestige hotel chains.Outcome was dire and clear to see today.
At the more domestic levels,when 'property loans get toxics' the reason is always property bubble speculation that has gone wrong.We all get sucked into the 'good thing' then toxicity hits.
I am sorry this has happen to anyone but we do not come out as winners watching the homes go up in price.My broker got me £400,000 of home loans on a 35k salary,may even be from Irish banks. I didn't want to say but I sold my 3 mortgaged flats before the crisis,stupidly paid for on their rent returns and rises in their value,I though I was smart before the loans got toxic.
One day in the papers in London I read that a prestige estate agent chain called Foxton suddenly called it a day and sold,we now know secretly the owners realized the peak of the market was reached.If I didn't see that all my flats would be taken off me.
I under what josie is going through more than anyone here.Being there.I am Moslem so I thank alla's blessings in giving me insight.
Thanks to everyone for their input. I will let you know how I got on. FYI we are based in Northern Ireland and have properties here and in the Rep of Ireland
Can the other experts clarify that when there is family debt there still needs to be at least a 50% acceptance by the other unsecured creditors for an IVA to be agreed, even when the family member holds more than 75% of the overll debt and agrees to an IVA ?
You do the first vote as normal and if there are no rejections the IVA i approved.If there are dissenting creditors or unpalatable modifications you hold a second vote with the family member's vote removed. At this vote 50% of the remaining listed creditors must reject so it can often still be approved.
No Andy as their vote would be removed for the second count. However, for the proposal then to be rejected 50% of all listed non associate creditors must reject and this is unusual. The associate debt is always a help even if it just means there has to be a second vote.
Thanks for feedback. McCambridge/Duffy. We had our meeting and we are looking at other options which I will share when my husband and I have discussed further this evening. The bank re-valued our property at a lower value than we had submitted. So the shortfalls were greater. To avoid bankruptcy we may have to come up with a larger amount to put on table as FF sum in addition to what we can release in the sale of our family home!!! Not sure on this yet.
