www.iva.co.uk

Hi all,

Thanks for your help on my last post,

In my last installment I told of how the HMRC were required a second valuation, which i got within 24hrs, actualy showing my house had decreased in value since january to the tune of 8k.

They have now accepted demanding that I sell my house within 6 months,
Bearing in mind that I have neg equity as follows,

house value, £ suggested marketing price 242000
Mortgage ( a 1month old 5year fixed deal) 240,000 apprx
Secured welcome loan 10,000
Charging order 10,300

So as you can see significant neg equity so even if I could sell my house in this current climate, there wouldnt be enough to cover shortfall, there is an extra year in my prop IVA to cover equity,
mr hatt of the hmrc tells me that i now have to provide proof that the 1st charge an poss the second would not release the charge and go unsecured, an hew is also asking for proof that they can stop me selling, which I thought was the point of a charge on a house?
he tells me in the 90's it was common practice for companys to go unsecured>

I have a poor compliance debt accrued fro self assesment, I am now paye so no further debt accruing, they have already made my ip (GT) adjourne now the adjourned meeting is on the 24th, so not much time left.

I have no assets car etc etc, I am however a director sharre holder of my own company hence the IVA route,

Any suggestions would be appreciated

Hi
Well GT are a top firm so should be able to get this through for you.They should also be dealing with HR themselves.Have they suggested an extra year on your IVA to HMRC ?
I can't see any secured creditor giving up their charge
Does Mr Hatt know that we are not in the 1990's now ?
Regards

Hi andy,
Thanks for your response, yeah the extra year was in the original draft,
yes gt are dealing with them but I offered to get involved aswell as they hear ip's say br is the only option yet being able to have a discussion with the debtor I thought might help,

Kinda think it become a cruasade for someone in hmrc,


thanks

david

I was also wondering if anyone could advise me what might happen to my house based on the above if i went with BR

Thanks

david

HMRC are useless...i went into an IVA two and a half years ago and they are still sending me statements and adding interest on to the debt figure that is agreed and part of my IVA. Its like banging your head against a brick wall.
HMRC demanded I gave up my pension that I paid into for 24 years...But i stood my ground and they backed down in the end!
Dont let them ruin your IVA, just keep plugging at it and im sure it will all work out in time!
Good luck

I suggest that your IP Mr Allen, oversteps Mr Hatt and discusses this with Mr Ivory the head of HMRC's Voluntary Arrangement Service!

You are being asked to accept a provision here that you may not be able to comply with, in that if the chargeholders do not permit the sale then your IVA will fail.

By asking the chargeholders to revalue their security, HMRC are effectively making the dividend worse, unless they feel that you could move into cheaper rented accomodation and pass on any saving that way.