Posted: Tue Oct 16, 2007 8:57 pm
We have had an IVA since February 2006. Earlier this year we sold our house. Our solicitor had been made aware of our IVA and on completion the proceeds of £8900 were sent to us. Some of the funds were used to back back friends & family money we had previously borrowed prior to the IVA.
It was not until we received a letter from our solicitor that the proceeds should have been sent to our supervisor and also the land could not be registered in the new owners names. Our understanding was that we had to inform our supervisor if we sold the house, and were unaware prior to this that any windfall had to be given to them, although are now aware that this was in the contract.
We have had several conversations with our IP who advised at the time we had to pay the windfall in one lump sum. We are not in a position to do this and requested verbally and in writing that consideration be given to increase our payments to pay.
We received a breach of notice earlier this month and have responded back again to advise that we are not in a position to remedy the breach in one lump sum.
We are really frightened of the impact that this will have and what will happen. ie bankruptcy. We just cannot get the money. I have been told they could barnkrupt our friends and family for the money we gave them. Could we lose our jobs, we are both in a middle management position, could we be sent to prison, could we be evicted from our rented home, I have read articles about BRO /BRU's???? its scrambling my brain. I would be grateful for any advise that anyone can give.
Thank you
Scott
It was not until we received a letter from our solicitor that the proceeds should have been sent to our supervisor and also the land could not be registered in the new owners names. Our understanding was that we had to inform our supervisor if we sold the house, and were unaware prior to this that any windfall had to be given to them, although are now aware that this was in the contract.
We have had several conversations with our IP who advised at the time we had to pay the windfall in one lump sum. We are not in a position to do this and requested verbally and in writing that consideration be given to increase our payments to pay.
We received a breach of notice earlier this month and have responded back again to advise that we are not in a position to remedy the breach in one lump sum.
We are really frightened of the impact that this will have and what will happen. ie bankruptcy. We just cannot get the money. I have been told they could barnkrupt our friends and family for the money we gave them. Could we lose our jobs, we are both in a middle management position, could we be sent to prison, could we be evicted from our rented home, I have read articles about BRO /BRU's???? its scrambling my brain. I would be grateful for any advise that anyone can give.
Thank you
Scott