I am buying a house and have discovered that the person I am buying from has an IVA. I was told they were downsizing to a cheaper area. They have since discovered that they did not have as much equity as first thought and are now trying to find out the exact amount they owe to the IVA company. I was told initially this would take two weeks and would have to be done through the post and not over the phone. Since then I have been informed that they are going through an intermediary to try and pay off 50% off of what they owe and re negotiate their monthly payments. This I was told would take 28 days. Could someone please tell me if this is normal procedure and if so why it takes 28 days. Any help would be greatly appreciated regards Jeff
Some IVA companies can be incredibly slow with no formalised deadlines, service level agreements etc.
It will come down to who they are with, how much of a priority it is seen as.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
The vendor should have had this agreed with their IP in advance and not caused you delays. Once the offer was made the creditors are usually contacted and they normally need 28 days notice to approve the sale. It is normally acceptable to creditors so if you like the property it may be worth holding on.
