Nearly 2 years into my IVA, I'm about to sell my house but have had conflicting advice

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Michelledw24

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Post by Michelledw24 » Wed Jul 22, 2015 10:51 pm
I'm nearly 2 years into my IVA and I'm about to sell my house, I have had conflicting advice about paying my IVA early from the sale proceeds. I have been told I can ask for full and final settlements but I've also been told I can't finish it early. Does anyone have the correct info please
 
 

Foggy

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Post by Foggy » Wed Jul 22, 2015 10:59 pm
If you just go ahead and sell your creditors will want most of the equity. You can offer to sell to provide a full and final settlement of the balance of your payments.

If you are with GT, they seem to be telling everyone that they cannot finish early, for some reason -- they are being awkward for no apparent reason.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michelledw24

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Post by Michelledw24 » Wed Jul 22, 2015 11:09 pm
I should've of said there is no charge on my house as it's not part of my IVA
 
 

Michael Peoples

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Post by Michael Peoples » Thu Jul 23, 2015 9:15 am
If the property was specifically excluded [which is unusual] then you can do what you want with it. You can always settle early and it is your right to propose the offer.
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Adam Davies

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Post by Adam Davies » Thu Jul 23, 2015 9:26 am
Hi

Can you say why it was excluded from your IVA ? If it is then you could offer a settlement via your IP, would suggest an amount equal to remaining payments

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Andam Davies
 
 

Michelledw24

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Post by Michelledw24 » Thu Jul 23, 2015 4:50 pm
It wasn't included because I didn't want my ex husband knowing about the IVA. I do have it in writing it's not included
 
 

Foggy

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Post by Foggy » Thu Jul 23, 2015 5:14 pm
That sounds a bit strange -- are you sure that you are in an IVA ? Are you on the Insolvency Register ? Which firm are you with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michelledw24

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Post by Michelledw24 » Fri Jul 24, 2015 8:08 am
Yes I'm on an IVA I started with Andy's company and got passed over to Knightsbridge. If I remember rightly they had to have a meeting with my creditors to agree this. Forgive my ignorance but in the last couple of months I've had paperwork to do with the sale of the house if there was a second charge it would have shown up like the outstanding mortgage on this paperwork wouldn't it. Sorry you now have me worrying I've got it wrong. I think I need to unpack the paperwork.
 
 

kallis3

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Post by kallis3 » Fri Jul 24, 2015 8:17 am
Hi,

It's not a second charge as such - there is just a restriction placed against it so that it can't be sold without the IP knowing. Did you have to sign a form when you took out the IVA?
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Lisa Thomas

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Post by Lisa Thomas » Fri Jul 24, 2015 10:11 am
Hi Michelle Not every IP registers a caution or charge against the debtors property in an IVA. Just because your property doesn't mention a charge or caution doe not mean it was excluded from your IVA! Please check your original proposals and modifications very carefully before going any further!
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

Michelledw24

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Post by Michelledw24 » Fri Jul 24, 2015 6:39 pm
I have found a letter giving me a date for the variation meeting, the resolutions are; 1 Creditors to accept that it is not deemed a breach of the Arrangement by failing to provide a completed RX1 to enable the Supervisor to register a restriction at land registry. 2 To allow a variation fee of £600 for convening and holding the meeting. 3 Creditors to allow the Supervisors fees to be 15% of all realisations.

I then received a second letter which had a Report on and minutes of the meeting of creditors convene to consider a variation to the voluntary arrangement:
Notes 1-3 are general but 4 says : Resolutions 1, and 2, for a variation to the proposal as modified were approved with the attached modifications. Therefore in accordance with the Insolvency Rules 1986 ( as amended) a majority of 75% or more of those creditors present in person or by proxy was obtained in favour of the Resolution, was duly accepted. 5 Resolution 3 was rejected
 
 

Foggy

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Post by Foggy » Fri Jul 24, 2015 6:57 pm
All that means is that not providing the RX1 was not deemed a breach -- it does not exclude the property from the arrangement and the creditors will still be looking for equity.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Adam Davies

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Post by Adam Davies » Fri Jul 24, 2015 7:03 pm
Hi

I think it has been agreed that the restriction at land registry was not required, from what you have said there is nothing to say that the property has been excluded
Double check your paperwork and/or check with your IP

Regards
Andam Davies
 
 

Michelledw24

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Post by Michelledw24 » Fri Jul 24, 2015 7:17 pm
working out the figures roughly I'm getting £83000 for the house the mortgage is outstanding by £65000, the estate agents/solicitors fees are £3200 which leaves roughly £14800 my ex husband would be entitled to half so that leaves £7400, out of that would I be allowed removal costs and a deposit .

My IVA is £106 for 60 months and I've been paying it for about 22/23 months
 
 

Adam Davies

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Post by Adam Davies » Fri Jul 24, 2015 7:23 pm
Hi

I think it would be fair to allow removal costs and a deposit out of the net sale proceeds so do chat with your IP as soon as possible

Regards
Andam Davies
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