Hi, Hope you can help again.

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1


User avatar
Posts: 52
Joined: Tue Nov 16, 2010 4:41 pm
Location: United Kingdom

Post by Gaccream » Sun Sep 26, 2010 12:51 pm
Hi, Hope you can help again. I have contacted you before and your advice is really helpful as I try and understand more about my personal situation and how to deal with my IVA and IP. Basically I am in a VA, with a 4th year Clause which states "during the 4th year of the arrangement an open market valuation of the property must be provided to the supervisor, together with mortgage redemtion figure. The debtor must obtain a minimum of 2 offers of re-mortgage which address the debtors share of any equity therin and provide documentary evidence of each to the supervisor. The debtor must accept the offer which provides the greatest return to creditors and 100% of the debtors share of such proceeds must immediately be paid into the arrangement. Monthly contributions may then cease in order to accomadate an increase in mortgage payments and the supervisor may then take steps to conclude the arrangement"

This make clear sense to me and as I have obtained 2 offers, the first releasing 2000GBP and the 2nd 12000GBP, am I correct to assume that half of the value of these offers is my wifes (who is not in the IVA) and therefore 1000GBP and 6000GBP is my share which should be paid into the arrangement. My IP seems to think that because the offers are actually less than my equity the full 12000GBP should be paid in. I disagree with him and feel he is changing the goal posts all the time.

I have met my part of the modifcation but believe that because the total raised is not near close to as was laid down within the original IVA, my IP is holding on.

Please help.
RPF - Learning more Every Day

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm

Post by Adam Davies » Sun Sep 26, 2010 1:08 pm
An interesting question.
If your share of the equity in the home is greater than 12k then I think you may have to introduce the full 12k if you have a mortgage offer to release this.
Andam Davies


User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am

Post by MelanieGiles » Sun Sep 26, 2010 3:37 pm
I agree with Andy - and that is certainly how I would view matters if I were acting as your IP.
Regards, Melanie Giles, Insolvency Practitioner
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”