Help with how property is dealt with in an IVA

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kerry226
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by kerry226 » Wed Jun 06, 2018 8:24 am
Hi I ve been paying into my Iva for about 18 months now ,however me and my ex joint mortgage owners but never married are in the process of selling our property, the Iva is solely in my name however the debt occured the 14 years I was with my ex, as the Iva and debts are in my name he is furious it will automatically be taken from the profit off the sale of the property , as far as I remember the Iva company credit fix never asked any information regarding joint mortage
I'm desperate for advice please help
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Foggy
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by Foggy » Wed Jun 06, 2018 8:56 am
They can only ask for your share of equity. Assuming you both own 50% of the property, 50% of the sale proceeds will still be his.
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Shaun Vickery
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by Shaun Vickery » Wed Jun 06, 2018 9:24 am
For the IVA to have been 'secured' against the property your ex must have signed an authority.
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Lisa Thomas
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by Lisa Thomas » Wed Jun 06, 2018 10:25 am
If it is jointly owned and he is not in an IVA then he will be free to do what he likes with his share of the property proceeds.

All of your share will have to be paid into the IVA unless and until your total debts, interest and costs have been paid in full, unless you get a variation approved first to pay a F&F from the proceeds.
kerry226
Posts: 11
by kerry226 » Wed Jun 06, 2018 7:16 pm
Foggy wrote:
They can only ask for your share of equity. Assuming you both own 50% of the property, 50% of the sale proceeds will still be his.

Thankyou
kerry226
Posts: 11
by kerry226 » Wed Jun 06, 2018 7:17 pm
Shaun Vickery wrote:
For the IVA to have been 'secured' against the property your ex must have signed an authority.

No he didn't
What can I do
kerry226
Posts: 11
by kerry226 » Wed Jun 06, 2018 7:18 pm
No he did not what should I do
kerry226
Posts: 11
by kerry226 » Wed Jun 06, 2018 7:23 pm
kerry226 wrote:
Shaun Vickery wrote:
For the IVA to have been 'secured' against the property your ex must have signed an authority.

No he didn't
What can I do

I was never asked or I never mentioned him either the sale is nearly finalised credit fix originally said my fee was £15000 however now they have contacted my soliceters and the cost is now £26000
Surley this can't be the case
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Foggy
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by Foggy » Wed Jun 06, 2018 8:03 pm
kerry226 wrote:
kerry226 wrote:
Shaun Vickery wrote:
For the IVA to have been 'secured' against the property your ex must have signed an authority.

No he didn't
What can I do

I was never asked or I never mentioned him either the sale is nearly finalised credit fix originally said my fee was £15000 however now they have contacted my soliceters and the cost is now £26000
Surley this can't be the case


The fees they charge are limited by the fee structure already agreed by the creditors and should eb detailed in the proposal and will, no doubt, be also further amended in the Chairman's Report of the initial meeting. Very roughly the industry will charge around £2k for Nominees fees and disbursements, and 15% of the monies paid in for Supervisors fees, although CF do try to go for around 20% if they can get away with it. You will need to dig out the paperwork to match what they are claiming against what was agreed.
kerry226
Posts: 11
by kerry226 » Wed Jun 06, 2018 8:11 pm
kerry226 wrote:
Hi I ve been paying into my Iva for about 18 months now ,however me and my ex joint mortgage owners but never married are in the process of selling our property, the Iva is solely in my name however the debt occured the 14 years I was with my ex, as the Iva and debts are in my name he is furious it will automatically be taken from the profit off the sale of the property , as far as I remember the Iva company credit fix never asked any information regarding joint mortage
I'm desperate for advice please help

Thanks for the advice
kerry226
Posts: 11
by kerry226 » Wed Jun 06, 2018 8:16 pm
Foggy wrote:
kerry226 wrote:
kerry226 wrote:
No he didn't
What can I do

I was never asked or I never mentioned him either the sale is nearly finalised credit fix originally said my fee was £15000 however now they have contacted my soliceters and the cost is now £26000
Surley this can't be the case


The fees they charge are limited by the fee structure already agreed by the creditors and should eb detailed in the proposal and will, no doubt, be also further amended in the Chairman's Report of the initial meeting. Very roughly the industry will charge around £2k for Nominees fees and disbursements, and 15% of the monies paid in for Supervisors fees, although CF do try to go for around 20% if they can get away with it. You will need to dig out the paperwork to match what they are claiming against what was agreed.

Many thanks
Is it possible to cancel the IVA sell my property take my percentage then pay off my creditors.
kerry226
Posts: 11
by kerry226 » Thu Jun 07, 2018 1:50 am
Shaun Vickery wrote:
For the IVA to have been 'secured' against the property your ex must have signed an authority.

No he did not
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Foggy
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by Foggy » Thu Jun 07, 2018 6:38 am
kerry226 wrote:
Foggy wrote:
kerry226 wrote:
I was never asked or I never mentioned him either the sale is nearly finalised credit fix originally said my fee was £15000 however now they have contacted my soliceters and the cost is now £26000
Surley this can't be the case


The fees they charge are limited by the fee structure already agreed by the creditors and should eb detailed in the proposal and will, no doubt, be also further amended in the Chairman's Report of the initial meeting. Very roughly the industry will charge around £2k for Nominees fees and disbursements, and 15% of the monies paid in for Supervisors fees, although CF do try to go for around 20% if they can get away with it. You will need to dig out the paperwork to match what they are claiming against what was agreed.

Many thanks
Is it possible to cancel the IVA sell my property take my percentage then pay off my creditors.


No -- the property is already part of the IVA and will remain so until the IVA is successfully completed. You cannot cancel an IVA, but you can allow it to fail, at which point the creditors will add back lost interest and charges and can then pursue you for repayment using whatever means they deem approriate, including bankruptcy. Not a situation you will want to find yourself in really.
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Foggy
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by Foggy » Thu Jun 07, 2018 6:39 am
How far have you got in the sale process ?
kerry226
Posts: 11
by kerry226 » Thu Jun 07, 2018 8:16 am
Foggy wrote:
How far have you got in the sale process ?


It's in the final completion stage and I appreciate your advice I really do
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