IVA completed but property restriction remains. Now selling. Can creditors ask for more money ?

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Leisa.h

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Post by Leisa.h » Sat Jul 04, 2015 12:45 pm
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I completed my iva in April, but the restriction is still in the property for a further 6 months, I am now selling my property. Can the creditors ask for more money
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Foggy

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Post by Foggy » Sat Jul 04, 2015 12:55 pm
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The restriction will stay until the IP issues a completion certificate. Until that time you are still liable to pay over any inheritances, windfalls, lottery wins and the like.

I assume the question of equity has been addressed and the property either excluded from the arrangement or you had to do an extra 12 months.

There is a possibility that the creditors will want their share of the equity if it hasn't been dealt with. In any event your purchasers will not proceed until this has been dealt with.
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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luluj

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Post by luluj » Sat Jul 04, 2015 5:35 pm
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Sound advice from foggy. You really need your certificate before proceeding further to ensure any equity etc is not to go to creditors etc.
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