Hello again to all on this forum. Since I last contributed I have been keeping my head down and plodding along with the monthly payments. So far so good.
Now with just 5 more payments to make, I will have completed that element of the payback.
However by the 14th December I must also bring into the equation 100% of my share of the equity in my property, for the benefit of the creditors.
I have paid out some £500 to have two independent valuations carried out and although I am awaiting the confirmation of the redemption figure from the Mortgage company. I reckon I will need to find circa £15k by December. Well the truth is it may as well be £150k for all I can do about it.
So it's hardly surprising that I am more worried now than at any stage of these whole proceedings as I believe I could now face the real prospect of losing my home -despite all my best efforts.
So what will happen when my Supervisor asks me to hand over in the region of £15k that I do not have and certainly no hope of getting it.
Any suggestions for a get out of this situation?
Could I for example :
- Go back to the Court and ask them to overturn the previous decision and strike out the provision to realise this capital?
- Seek a creditors meeting and ask for a variation to remove the condition?
- Seek to continue to pay off the additional sum by extending my monthly payments (probably by an additional 30 months)?
Or maybe I should simply allow the forced sale of my home and graciously uproot after 31 years and seek to rent accommodation.
Perhaps I should look for a reputable organisation like a Housing Association or similar to buy the property with a view to letting it back to me at market rent but with security of tenure?
Any and all advice would be very welcome.
Regards
Bob
The creditors meeting route is the most likely solution here Bob, but it will depend on the terms of your own IVA. It would be better to seek your own IPs advice on this, as they do have detailed knowledge of your case. Be prepared to offer to pay an extra year's contributions though.
