My problems are related mainly to getting involved in the buy to let'boom',my IVA was negotiated with my creditors on the idea that I would sell my BTL property and my share of the proceeds go into my IVA hopefully towards a full and final, My tennant moved out and since then I have been unable to pay the mortgage, the property is now being repossesed, and I dont expect to get back any funds to pay into my IVA.The mortgage company for the BTL are the same as the mortgage company for my home, my 2 questions for an expert are
1. will this lack of funds to pay into my IVA fail my IVA?
2. Could the mortgage company take action against our home?
You can lead a horse to water, But a pencil must be led!
Hi
1. It is posible but will depend on the wording of your IVA.Speak with your IP as soon as possible.
2. Thy could look to charge the shortfall against your home but again it could be that the shortfall could be included in your IVA depending on how the wording is regarding this asset.Again speak with your IP who will be able to clarify the position for you
Regards
If the IVA was based upon you introducing equity from a B2L propery which is now in negative equity, the IVA is bound to fail unless you can come with an alternative source of funding.
How was your own property going to be dealt with under the IVA?
Melanie is right and so is Andy. Need to know exactly what the wording of your proposal stated in respect of the B2L and Home - then an Expert can advise.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Don't forget to let us all know please. Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
