in An IVA, threat of 'Field visit' from mortgage Company

Get expert opinion. This is the place for new questions to be posted.
6 posts Page 1 of 1
User avatar
sam389
Posts: 7
by sam389 » Sat Oct 13, 2018 3:31 pm
Hi there. I'm in an IVA in an attempt to rid myself of 2 rental properties which are in negative equity. A third party company (CD Fairfield) is overseeing the process and administering the IVA, and trying to negotiate with the mortgage companies to sell the properties. Arrears are running up on both properties and they will either be sold or repossessed. One mortgage company have been informed about the IVA (By CDF) but don't seem to acknowledge it and are now saying they will be sending a 'field agent' to work out with me how I can pay the arrears. I am working over seas just now anyway but my partner is at home. What does the visit mean? Are they like bailiffs? Surely they must recognise I am already in an IVA and doing my best to deal with my finances. The estimated mortgage shortfall was included in the IVA. Thanks
User avatar
Foggy
Forum Expert
Posts: 27459
Contact
by Foggy » Sat Oct 13, 2018 4:26 pm
Never heard of this but I would refuse to engage with them. In an IVA all contact has to be made to the IP and not to the debtor. Keep your IP appraised and get them to deal with it.
User avatar
kallis3
Forum Expert
Posts: 73786
Contact
by kallis3 » Sat Oct 13, 2018 5:28 pm
I've not heard of this either. Agree with Foggy - speak with your ip.
User avatar
Lisa Thomas
Industry Expert
Posts: 7093
Contact
by Lisa Thomas » Mon Oct 15, 2018 8:35 am
I haven't heard of this either but as Foggy says if your Nominee has been formally instructed they should be liaising with the creditors now for you.

Ultimately if your IVA is approved your unsecured creditors will be bound by it, which should included any shortfall on the mortgage/s.
User avatar
Lisa Thomas
Industry Expert
Posts: 7093
Contact
by Lisa Thomas » Mon Oct 15, 2018 8:41 am
*include
User avatar
Shaun Vickery
Industry Expert
Posts: 746
Contact
by Shaun Vickery » Mon Oct 15, 2018 11:07 am
I've heard of some mortgage lenders who operate on this basis where there are arrears on the mortgage or there are other issues....their metier is to discuss your situation and try to agree a plan with you. I defer to other experts greater technical knowledge regarding the IVA but as the mortgages sit outside the IVA.....
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 20 guests