www.iva.co.uk

Has anyone had any experience of NRAM (Northern Rock) in relation to F&F offers?

Have agreed a sale of a rental property and the IP has said that we have a fair chance of the offer being accepted, never guaranteed etc, but NRAM are our main creditors and they can sometime be prickly?

Thanks!!

I have seen reference to them specifically refusing a F&F in the past, but I am sure they have also accepted them -- As you say, they can be a bit prickly!

If the sale is already agreed wouldn't any creditor expect all the equity to be paid into the IVA?

Up to the max owed of course.

SteveUK wrote:

If the sale is already agreed wouldn't any creditor expect all the equity to be paid into the IVA?

Up to the max owed of course.

Yeah perhaps, however we were advised this route by the IP (sale first then agreement of offer).

Fingers crossed

No no no no! You must get the variation order agreed FIRST otherwise ALL of the equity will have to be paid into the IVA unless and until the total debts, interest and costs have been paid back in full!

Does your IP perhaps mean get an offer first, before he puts the variation to creditors and then complete a sale after the variation has been approved?

Please get this clarified asap, it is very important as you could lose all of your share of the equity!

Lisa Thomas wrote:

No no no no! You must get the variation order agreed FIRST otherwise ALL of the equity will have to be paid into the IVA unless and until the total debts, interest and costs have been paid back in full!

Does your IP perhaps mean get an offer first, before he puts the variation to creditors and then complete a sale after the variation has been approved?

Please get this clarified asap, it is very important as you could lose all of your share of the equity!

Totally agree with Lisa ! Get the F&F accepted, conditional on the sale going through, first ... or at least before any exchange of contracts on the property sale .... which might not happen unless the IP has lifted the restrictions anyway. Do this especially as NRAM are the "ruling" creditor here -- and, as you say, they can be a bit prickly. Your IP is playing with fire !

Lisa Thomas wrote:

No no no no! You must get the variation order agreed FIRST otherwise ALL of the equity will have to be paid into the IVA unless and until the total debts, interest and costs have been paid back in full!

Does your IP perhaps mean get an offer first, before he puts the variation to creditors and then complete a sale after the variation has been approved?

Please get this clarified asap, it is very important as you could lose all of your share of the equity!

Oh yes, sorry... we got an OFFER accepted.

Now going through the F&F process.

I trust the IP implicitly so am sure they’ve got it covered. They’ve been spot on throughout.

Phew!!! Good news!

Okay - do not sell until you have written confirmation form the IP that creditors have approved the full and final and that they have no interest in the property (and will remove any restriction)

ok so the F&F wording has been agreed and the meeting will be called this week.

Just the 4 weeks to wait for the decision - eek!

Fingers crossed!

bridgey wrote:

ok so the F&F wording has been agreed and the meeting will be called this week.

Just the 4 weeks to wait for the decision - eek!

Best of luck.

Is the sale still progressing in the meantime otherwise you may lose the buyer?

Lisa Thomas wrote:

Is the sale still progressing in the meantime otherwise you may lose the buyer?

It is, yes. Hope to be nearly there by the time the Creditors meet (and accept!)

Best of luck.