www.iva.co.uk

Just starting to get the paperwork together to send to IVA Advice guys
To hopefully do a FF IVA once my place is sold (going on market next week)
I have been told to stop making payments to my creditors via payplan, which is fine, but I had a thought...what happens if my IVA doesn’t get accepted by the creditors, what then? BR?
The way I saw it, is that I am selling my only asset to help clear my debts, surely this would mean the creditors get more from me then if they make me BR?-Am I correct in saying this?

Input/advise greatly appreciated
thank you

Seems to be a case of putting the cart before the horse. You should call a meeting of creditors first and get their agreement for the full and final. You would then be given around 6 months to sell the property or it would go to auction. However, all creditors would be bound by the sale proceeds so I would do the whole thing differently.

What do you mean " the whole thing differently"?

I would call a meeting of creditors now giving them the figures and seeing if they agree. Once the IVA is accepted you would be under protection and have time to sell the property. If you try and sell the property first you will still receive letters and phone calls and there could be charges placed against the property.

Perhaps I have misunderstood but if Payplan are recommending a sale before the meeting of creditors is called, that is not the way around that I would do it.

Sorry,I should have said,I have told payplan I no longer need them and have now instructed the IVA Advice bureau to help with an IVA

I don't think you'll go wrong with the IVA Advice Bureau. x

I run my full and final settlements based on property sales over a two year period to give sufficient time to sell, and dividend returns are never guaranteed as we cannot rely upon the housing market.

I am confident that my team have given appropriate advice here, and in reality creditors will vote on the suggested offer before the house is sold.

I am sure that the right advice has been given as you are with Melanie's team. Very best of luck.

Thank you for your input and help,I am sure I will be on asking more...