We are looking to enter into an IVA. Our tenancy agreement includes a clause to say that the landlord could kick us out "if the tenant shall become bankrupt or assign his estate or execute any Deed of Arrangement for the benefit of his creditors..." So our question is this, do we have to include a copy of the tenancy agreement in our IVA paperwork and if so, will the insolvency pracitioner have to tell our landlord? Does this clause also pertain to IVAs? Would we lose our home?
Your IP will have a definitive answer for you, I am in a mortgaged property and know it has a restriction on that if I try and sell my IP will be informed but that will be lifted when my IVA concludes.
I'm not sure about rented properties but do hang around as I someone who does know will be along very soon. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
my understanding is NO - your landlord does not need to know - you are using his property for assurances to anything and you have not been made bankrupt. so long as your I&E provides sufficient to cover your rent each month then you will be fine.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Technically the landlord does need to be informed, as they are a contingent creditor. If the lease is an AST and relates to your home, the likelihood is that most IPs will merely check that you are up to date with your rental payments and not bother. If the lease is for a commercial premises, they will need to be informed. Whilst the wording of your lease is specific to bankruptcy and a Deed of Arrangement (incredibly rare these days) - it could be construed that an IVA is a form of arrangement with creditors and could terminate the lease. If you have a good relationship with your landlord it may be best to come clean now, and assure him/her that you are doing the IVA in order that you can make sure priority payments such as your rent can always be paid.
We are not in arrears. Only just moved in this month. It's a new home for us. We've moved out of mortgaged property and surrendered that to mortgage company.
If ip tells landlord we'd likely lose home. Don't think I could cope with that.
I'm in rented accommodation & I have moved twice in my IVA & my landlords have never been informed. I understand what Melanie is saying. I think yo really put your mind at ease, give your IP a ring & tell them about what your tenancy agreement says & let them know you are worried & why. They will be supportive & they won't mind you phoning & you may find they don't inform landlords, I've not heard of ones that do.
Let us know how u get on n get onto your IP x
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
Sorry kirsty, I've just re read you the whole post as see you are looking into a IVA.
Please take a look at www.Iva.com for a list of reputable IVA companies & customer reviews, pick 2-3 that you like the look of & give them all a ring for some free impartial advise.
In doing this tell them of your concerns regarding your tenancy agreement & they can advise you wether they do contact the landlord. Mine did not on entering a IVA I just sent In a copy of tenancy agreement & a bank statement showing the payments going out, no further questions asked.
Good luck kirsty, let us know how u get on x
of my
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
Thank you both. You are right I'm worrying and scared
I can certainly provide receipts and statements to prove we aren't in arrears.
We can currently talking to cccs iva dept, as well as victor bond.
Give them both a ring they both come highly recommended on the forum, vincent bond is the sponsor for this site & Andy Davie from Vincent bond posts on here too.
I'm sure you will be ok, your in good hands on here & will be with either company u decide to go take your IVA journey with. Keep posting we are here to support you too x
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
Thank you MrsKnight. I have to admit to being in a total mess these last few days, I think the thick purple lines under my eyes show that. I was almost sick when I read Melanie's post this morning
Thank you for the assurances about the two companies we are in talks with, that's very good to hear.
I appreciate your assistance, and will definitely refer back here with updates etc.
Thank you again.
Unfortunately I am prone to worry and make myself ill. And we are new tenants, and only just started feeling safe.
(The contract was put together by the estate agent which our landlord uses only to get new tenants, he doesn't use them to administer the tenancy, he has taken over now. I remember the estate agent saying it was just a standard agreement, I got the feeling they might have just downloaded it off the internet, but it does allow for the landlord booting us out But we haven't defaulted on our rent, and won't do).
Just hope we can find an IP who won't inform the landlord, otherwise I have no idea where we will live.
Thanks for the information
