Is this normal for paperwork after month 54 ?

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Dave.34

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Post by Dave.34 » Sun Apr 19, 2015 8:50 am
could anyone explain why their is a column for bankruptcy and iva on paperwork for meeting after month 54 .I have read through the agreement and their is no mention of bankruptcy.
It reads
If unable to obtain mortgage will not be viewed as failure and supervisor will have discretion to consider accepting
3rd party sum to 85%
or
12 extra payments
protecting creditors interests
Is the normal
thanks
 
 

luluj

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Post by luluj » Sun Apr 19, 2015 10:23 am
Pretty sure this is standard. If for any reason you are not compliant to terms of iva bankruptcy remains an option throughout.
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Foggy

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Post by Foggy » Sun Apr 19, 2015 10:39 am
Bankruptcy is a fall back in the Standard Conditions for any act of non-compliance. It is also referred to at the start and sometimes during the IVA for comparison purposes.

It is still the norm, these days, to get the extension.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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