Rx-1 question

[Neilnodice]

Hi,

I managed to remove the rx-1 so I could move house (huge struggle, had a baby and fiancé in a tiny 1 bed flat!),
now I've moved into my new house, I've been asked to sign the rx-1 again.

I'm 4 years into my Iva, and been living in my new house for 3 months without signing the form

My question is.....what happens if I don't sign it??

[Foggy]

The IP needs to re-establish the protection of the RX1 and refusal to sign could see the IVA being failed and the last 4 years wasted.

[Neilnodice]

Only reason I haven't signed it yet is just cause they gave me such s hard time removing the rx in the first place, we lost one buyer and almost lost a second, we've hardly moved into a decent house (3 bed house at same price as we sold flat for, so you can imagine the state of it)
Issues with them refusing to let me speak to IP etc etc

surely it's in there interests to keep me in the Iva so they have their slice of the pie, even if I don't sign it

A condition of the Iva was they either take a % of my equity,..,.or pay another years worth of payments.

Is it my decision which option happens

[Foggy]

It might be in their interests but it will be the creditors who would complain about the breach and be on the IP's back if anything went astray.

What happens depends upon the circumstances at the time and the exact wording of your release clause -- it will be largely out of your hands -- but make sure they comply with the agreement.

[Neilnodice]

I keep all correspondence with PayPal, so I always know where I am with them

I know they do the same, even with phone calls, would it hurt to ask them what would happen?

I would rather do anther years payments, than go through the (I can oy imagine) chore of re mortgaging and releasing equity

[Foggy]

As things stand at the moment you will not be able to remortgage anyway -- more sensible IP's recognise this -- but you still have to go through the hoops to a degree as this is what you have agreed to do.

[KAYKAY]

As Foggy says the chances of re-mortgaging as less than slim, but you still need to go the process. I sent in two letters which stated that I would not be offered a mortgage, they then called a meeting and extended my IVA for a year. Ask by all means about your refusal to sign the RX1 but I fear they will insist as it does form part of the IVA.

[kallis3]

The RX1 is just to say that you cannot sell the house without the permission of the IP. Once the IVA is completed that restriction will be lifted so I wouldn't worry too much about that.

Unless you put down a huge deposit you probably haven't got much equity anyway so the remortgage refusal is just a formality.

[Goosed]

There is no chance of a remortgage from a high street lender.

How the attempt at remortgaging is dealt with is down to the IP/administrators you are with.

I got a letter from my mortgage provider stating that they would not be willing to grant me further borrowing whilst I was in an IVA and my IP accepted this as proof that I wouldn`t be able to remortgage, so granted me the twelve month extension.