I've recevied a call today to confirm my full and final settlement has been accepted at which i'm over the moon aboout, but he is my question:
I was made redundant about 4 months as and used this money to offer the F&F, since then i've been out of work and have struggled to keep up with my outgoing to the point where I've borrowed money from my familt to pay the mortgage.
I have about 100K of equity in my house.
On the same phone call about my F&F being accepted I asked about selling my house as i have signed a RX1 form. The answer I got was, there is no restrictions on your house, all the RX1 form does is notify us if you try to sell you house.
I replied asking, so as soon as i send you my payment, can i sell the house without any problem?
Reply: Yes you can, but i might be worth waiting a month:
Me: Why wait a month?
Reply: Well there isn't anyreso really but we just advise that.
ME:If I sell my house tomorrow will you take anymore money?
Reply:No
Me: Will i get confirmation that this has been accepted?
Reply: Yes in the next week.
I thought i had read somewhere that a RX4 form had to be raised? How likly is it that i can get this done A.S.A.P.
I'm desperate to sell my house and pay everyone and evrything off.
They will, when the completion certificate is issued, release the charge. In itself it doesn't stop a sale, though a purchaser will not proceed with it in place.
I would not sell until such time as I have the completion certificate in hand. Equity can still be grabbed until then despite what an unknown person has told you on the phone.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Dan - I'm not sure whether you have actually paid the F&F monies or are you saying you've used them to live off? I would wait until you have your CC before selling the house.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
A full and final should mean just that and the property therefore excluded. The restriction can beeasily removed so just ask your IP to do so.
It does depend upon the wording in the variation bringing about the "Full and Final". In many cases it is neither of those things, but a moratorium on payments pending completion. The devil, as always, is in the detail.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Half thinking that any proposal for a f&f to creditors should stipulate a final date for cc, payments to creditors etc.
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.
I was thinking generally and not specific to any one case.
This chat has opened my eyes yet again!
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.
