Posted: Wed Aug 22, 2007 7:51 am
I have been reading this forum for nearly a year now and found it very useful while going through getting my IVA. I have a query about a charge on my house while in an IVA. I have been in an IVA for 6 months - I pay £420 per month for 5 years and in January 2008 I must pay £16,000 towards the debt. This has been raised from a re-mortage with the help of my IP and is sitting in my non-interest bearing basic account. There are no clauses in the IVA regarding my house or releasing equity from it at any time. My supervisor wrote and asked me to sign a form to put a charge on my house and then wrote again and said that if I did not he would petition for my bankruptcy as it was a statutory reqirement.
Is this correct? the only clause that is relevant in my IVA is the standard clause that says that I should at the request of the supervisor execute such mortgages, charges etc as may be reasonably required for the protection or realisation of assets to secure my compliance with my obligations under the agreement. I cant see how it is reasonable if there is nothing in the agreement attached to the house. Should I write to my supervisor pointing out that the money has been raised and therefore there is no point to the charge?
Also am I obliged to give him the money before January 2008 - under the paragragh dealing with dividends it says that the estimated amount to be paid on the proposed date of January 2008 is £16,000. Can I keep it until then? You may wonder what is the point of not paying it over now but I may need to use some of it to keep going for the next couple of months. Then my husband will have received an inheritance and we will pay off the £16,000 and I hope do a full and final settlement but that is for another time.
Is this correct? the only clause that is relevant in my IVA is the standard clause that says that I should at the request of the supervisor execute such mortgages, charges etc as may be reasonably required for the protection or realisation of assets to secure my compliance with my obligations under the agreement. I cant see how it is reasonable if there is nothing in the agreement attached to the house. Should I write to my supervisor pointing out that the money has been raised and therefore there is no point to the charge?
Also am I obliged to give him the money before January 2008 - under the paragragh dealing with dividends it says that the estimated amount to be paid on the proposed date of January 2008 is £16,000. Can I keep it until then? You may wonder what is the point of not paying it over now but I may need to use some of it to keep going for the next couple of months. Then my husband will have received an inheritance and we will pay off the £16,000 and I hope do a full and final settlement but that is for another time.