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worriedhalftodeath
IVA Junior



56 Posts

Posted - 03 January 2010 :  20:43:24  Show Profile  Reply with Quote
My husband's IVA has just been approved. We've been sent form RX1 Land Registry - Application to enter a restriction - and he's been asked to sign and return to his IP. Can someone just tell me in simply layman terms what this form is for? We understand it's to protect the creditors' interest in the propery - the IVA is for 6 years, going on to 7 if we can't release any equity in year 6. At the moment, we're in negative equity. The flat is in both our names but only my husband has the IVA. The form just looks a little frightening... Thanks!

penny
New Member

United Kingdom
15 Posts

Posted - 03 January 2010 :  20:52:22  Show Profile  Reply with Quote
Hi
We had to sign one of these as well it is just a security measure
for the creditors and the experts on here are brilliant and should be
along soon with more help xx
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Skippy
IVA Artisan

Skippy

United Kingdom
21652 Posts

Posted - 03 January 2010 :  20:52:30  Show Profile  Visit Skippy's Homepage  Reply with Quote
I think (and someone else will be along to confirm shortly) that this form puts a restriction on the sale of the property so that it cannot be sold without your IP being notified.

View my blog at http://skippy13.blogs.iva.co.uk/
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worriedhalftodeath
IVA Junior

worriedhalftodeath

56 Posts

Posted - 03 January 2010 :  20:57:22  Show Profile  Reply with Quote
Thanks Skippy and Penny - that would make perfect sense... it's just anything that looks so official and legal puts the fear of God into us!
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kallis3
Moderator

kallis3

IVA completed.

United Kingdom
66038 Posts

Posted - 03 January 2010 :  21:46:02  Show Profile  Visit kallis3's Homepage  Reply with Quote
Everyone with their own property has to sign one.

You just can't sell without notifying the IP.

http://kallis3.blogs.iva.co.uk/

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. Ulysses S. Grant








An iva.co.uk mentor,is someone sharing from their experiences of dealing with debt





Jan
xx
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worriedhalftodeath
IVA Junior

worriedhalftodeath

56 Posts

Posted - 03 January 2010 :  22:33:49  Show Profile  Reply with Quote
That's ok then. We wouldn't sell without informing our IP, and wouldn't be looking to do so anyway... Thanks everyone.
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MelanieGiles
IP

MelanieGiles

48266 Posts

Posted - 03 January 2010 :  23:02:46  Show Profile  Visit MelanieGiles's Homepage  Reply with Quote
This should have been fully explained to you as part of the IVA process, and generally I get my clients to sign them with their IVA proposals rather than afterwards - but as the other posters have said there is nothing to worry about, this just alerts your IP to an attempt to sell the property, which I feel sure they will not need to rely on in your case.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years. Owner and Director of PJG Recovery.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp or my company website www.pjgrecovery.com

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worriedhalftodeath
IVA Junior

worriedhalftodeath

56 Posts

Posted - 04 January 2010 :  21:00:58  Show Profile  Reply with Quote
Thanks Melanie. It probably was explained but I think my husband was a bit overwhelmed by info at the time so he wasn't sure and the letter that came with it just said to sign and send back so it got us a bit worried. I knew a quick post on here would put our minds at rest. Really don't know what we would have done without this site!
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lesley_
Moderator

lesley_

IVA completed.

25702 Posts

Posted - 04 January 2010 :  21:07:09  Show Profile  Reply with Quote
Glad the site is of help to you worriedhalftodeath, I still find things about the IVA is confusing and I can't agree more it's so much to take in at the beginning of your journey but always find what I want from the site too x

IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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kallis3
Moderator

kallis3

IVA completed.

United Kingdom
66038 Posts

Posted - 05 January 2010 :  06:43:30  Show Profile  Visit kallis3's Homepage  Reply with Quote
Nothing like this site for allaying your fears.

http://kallis3.blogs.iva.co.uk/

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. Ulysses S. Grant








An iva.co.uk mentor,is someone sharing from their experiences of dealing with debt





Jan
xx
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