mortgage whilst in an IVA

[Oliver]

What did your IP say to you that this term means?!!!



You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[neverending]

They haven,t as i have not asked them.I am asking your advice as to how you would read it.

[Oliver]

Really my opinion on the clause is irrelevant; it is obviously slightly ambiguous and needs interpreting correctly so you know where you stand. I am not your IP nor am I a solicitor. Your IP is the person whom has drafted the proposal and therefore is the best person to ask.

As I have previously said I would be surprised if the clauses in the agreement did not entitle your creditors to a portion of any equity you had amassed even if the house was bought whilst in an IVA. However, as I have also stated I have known rare occasions where such a clause was omitted and in these cases the creditors have no legal entitlement to the equity at all.


You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[neverending]

Well I am going to ask my IP to propose a full and final settlement as per your earlier suggestion and will let you know how I get on.
With regard to the house purchase, after starting an IVA ,i am sure that the equity cannot be taken into account.Surely one of the IPs who use this site can shed light on this question from experience ?

[Oliver]

I'm glad you have taken my suggestion on board, good luck with the full and final proposal.

It's all about the terms and conditions and what has or has not been included by the IP. It's an intriguing point. Keep us posted.


You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[mkdawn]

trouble with mortgages whilst in an iva is they are so expensive.
I looked into a mortgage then went to my ip although my ip said i wasn't allowed a mortgage.
the cost of my mortgage was too expensive i told them to stuff it mortgage repayments was going to be nearly 700 a month.
Dawn

if at first you dont succeed try again

[Oliver]

It is very unlikely that your creditors would ever allow you to take a mortgage whilst in an IVA if this would mean that the dividend they recieved was going to be reduced.



Best Regards
Oliver

Thomas Charles Ltd: Experts in all things IVA
www.thomascharles.com