I understand everyone is entitled to an opinion and respect that . I am simply looking for the best way of securing a future debt free with out losing my home . can i ask in bankrupsy if there is negative equity can an oc still insist on selling the house or after the three years is it legally mine again . Also do your wages get paid straight to the courts and then they give you an allowance . i am unsure how thsi works .
If there is negative equity in your home a third party can buy the beneficial interest from the OR for a nominal fee - I think it's £211, which is £1 for the BI plus solicitors fees. As far as I'm aware this can be done pretty much straight away, you don't need to wait 3 years.
This will enable you to keep your home, and you would be able to buy the BI back once you are discharged.
Melanie, despite someone at TIX telling us that the hurdle rate didn't exist any more we remained sceptical. The IVA in question was approved in May 2008. It was a five year IVA (using protocol) and HSBC voted to approve the IVA (through TIX).
Sarah Nancollas - Licensed Insolvency Practitioner with over 20 years experience.
Providing positive solutions for your debt problems.
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I would love to know who the person at TiX was who advised you of that Sarah - I've got a call into them at high level so will report back afterwards. Whilst we know that they will accept cases on an exceptional basis, I am not sure it is correct to state that the hurdle rate no longer exists.
I have this evening confirmed with TiX that the 40p in the £ hurdle rate does still exist and that there is no change in this creditor's voting policy.
Sarah, for the good and benefit of the IP's who post on and read this site, did you have to negotiate the 27p in the £ with TiX (I assume that the HSBC debt was >25p in the £?), and were there any circumstances which might have been taken into consideration - such as an impending retirement?
There were not, what I would call, any exceptional circumstances. We did not have conversations with any of the creditors regarding voting. HSBC had less than 25% of the vote although TIX controlled just over 40% of the vote.
Sarah Nancollas - Licensed Insolvency Practitioner with over 20 years experience.
Providing positive solutions for your debt problems.
For free no obligation advice on all debt solutions please click here www.nancollasgreer.com/html/contact_us.html
In which case I suspect that TiX voted for HSBC independently from the other creditors they were representing, and realised that their vote for HSBC would not influence the IVA so they fell in with the others.
Still odd that TiX told you that the hurdle rate had been removed!
Melanie
I think that it still stands and hsbc did not have the controlling value of the iva proposal so went along anyway . seems mad that they still wont budge especially as current banking sector is in a real mess and i am convinced there will be bankrupsy on mass in 12 months or so .
