Unlikely - you would still owe money so your creditors would still want the restrictions.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I take it you mean the restriction place by your IP by way of the RX1 form you would have signed at the start of your IVA?
If so and your IP is no longer acting for you, they will remove it for you (you may need to give them a gentle nudge) as they no longer need the restriction
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I work in insolvency as an IVA Drafter. I've been working in this industry for over 7 years and have seen every scenario you can imagine. I am experienced & knowledgeable in this field, so if I can offer any assistance to anyone, I'll be glad to help.
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The opinions posted in this forum are mine alone and not those of my employer (though I'm sure they'd agree with me!)
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The RX1 restriction is merely to alert your IP should you decide to sell without his knowledge. It also serves to alert prospective purchasers that there is a potential problem.
Creditors do not rely on this and will seek to impose their own charges on the property if they wish.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you for your swift replies. I don't have the proposal in front of me at the moment but I seem to remember the restriction was to stop me selling my house whilst in the IVA.
There is no equity in the house and all of my debts were unsecured so had hoped the restriction would be removed if the IVA failed and I'd be back to square one.
The restriction should be removed if the IVA fails, but square one is not quite where you will be as creditors will lump back on the interest and possible charges they have been unable to add whilst your are protected by the arrangement, so your debt could be higher than when you started.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
