Selling my house to end a IVA early

[cheryl.c]

Hi
I need to sell my house to relocate closer to my work as my company car is been taken away and my current fixed mortgage rate is due to end at end of July 08. I spoke to my IP and told him the situation and also requested a F&F settlement figure for my IVA. This was 2 weeks ago and he said he would get back to me asap but nothing.. I chased a few times but couldnt get hold of him. Now today I managed to contact him and he says that all the equity really needs to go to the creditors, is this true. Can I not then suggest a amount for them to offer my creditors. My debt was $56730 amd my IVA was £390 pm for 60 months = £23400 (27 pence in the pound). I have been paying since Sept 06 so thats £8190. My house has been valued at 125000 with a mortgage owed around £85000 = £40000
less the estate agent fees (2% of sale)£2500 plus House Inforamtion Pack= £265 plys Solicitors fees arond £800 = £3565
£40000 - £3565 = £36435
I need money to relocate. deposit etc for rent and a car to buy for cash to get around in so I was wondering if I could ask them to offer £23400 as a F&F settlemt figure, leaving me with £13035. They would in fact be getting £23400 + £8190 (already paid) = £31590
Can I suggest that my IP offer this amount
He did say something odd to me which I only realised after I had put the phone down about a clause of me only getting £5000 - but I have looked through the notice of creditors meeting and there is no mention of this besides this statement, which I read as I will make every effot to ensure I have more that £5000 equity in my property within the 4th year (this is the wording from the meeting notes)
"I propose that the house be valued in four years time. I do not expect that I will be able to obtain a 100% remortgage at that time. Nevertheless I propose to make every effort to raise the equity held in the property at the time in excess of £5000 for the benefit of my unsecured creditors"
He also told me that if someone gave me money to settle the IVA I could give an amount to offer (most offers seem to be less than the amounts to be paid if the IVA was paid for 60 months) which they might accept - if this is the case surely the offer I want to give by selling my house would be more than the offer if someone gave me the money
please can someone advise me on the best course of action, I am so stressed and at my wits end that sometimes I just dont know how I can make it through the days
thanks

[Viki.W]

Oh Cheryl, I'm so sorry you're feeling like this. I can't advise you as I really can't get my head around F&Fs but I'm sure an expert will be along to help you soon. Chin up, you're trying your best. Viki X

[neil277]

Hi

From what i can see you have paid £8190 of your debt so far your IP has to be paid before any money goes to your creditors, most IP'S charge around £7500? so in practice you have only just started to pay off your debt.

One of the experts will give much better advice on the sale of your house.

Regards.

Neil

[facingittogether]

hi cheryl

just want to say i am thinking of you and hope you get things sorted soon!

sorry i cannot advise you but i dont understand f&f s

barb x

[cheryl.c]

Hi
thanks for your messages of support
Could a IVA expert please help me with my situation
Cheryl

[MelanieGiles]

It would seem sensible to offer the full sale proceeds, less a reasonable allowance towards your relocation costs and the purchase of a new car. I would certainly be prepared to put that sort of offer forward if I were acting for you, but you will need to provide a full listing of the items you wish to retain funds towards.

[cheryl.c]

Thanks Melanie

I will put a list together and send it to my IP detailing relocation costs etc
I hope its accepted

Cheryl

[cheryl.c]

Hi
I am a bit concerned that my Administrator with my IP company is delaying on purpose. As per the statements below, I have decided that the best option is to sell my house, but I have had to chase him constantly as he never updates me unless I email (which he reads then doesn't answer) or ring me
I originally rung him on the 19th May an told him of my intentions. He told me to put it in writing so he could then discuss it with his manager. I sent him a email (which he said was acceptable) detailing what I wanted to do and asking him 4 questions, one of which was can I put my house on the market now. He read the mail then silence. I sent him another mail on 23rd May asking him if he had any updates and if my house could go on the market. He read this on then silence. I then tried ringing him a few time within the week of 2nd June but he was either out to lunch or not available. I eventually got hold of him on the 9th June whereby he told me that they needed to know what I needed from the equity but that I should be aware that I really should only expect £5000 or less. I asked him why this was he said its in my contract - but as I said before I read this line as I must ensure I do everything to have more than £5000 equity in the property, He said I need to detail it more, so after a week after getting the info together to show the break down as below. I put it into a letter and sent it to him around 19th June. Silence again. I then sent him a email yesterday 30th June asking if he had received the letter and how far they were with the creditors meeting. He answered me with the fact that him and his manager were still looking at the letter and the supervisor had yet to make a decision on whether to present this. He said once they had a decision he would arrange a meeting but that it wouldn't be before the 7th June and he is now off for 2 weeks from the 7th June, I sent back a mail asking him what the hold up was as from August I am probably going to default as mortgage will increase and net salary will decrease (I told him this in May) - Silence again from him. So what do I do now ... I get the feeling they want me to default to then make me bankrupt and take all the equity and leave me with zero.
Please can someone advise me on what to do. I gave then a heads up and yet all I get is silence and I have to keep chasing him.
Thanks
Cheryl

[MelanieGiles]

Get hold of the supervisor directly and ask them what is happening. IPs must be accountable for the actions of their staff and not just themselves. Which firm are you dealing with?

[cheryl.c]

Hi Melanie

I am dealing with Bridgestones in Oldham

Regards

Cheryl