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
I've not heard of this either. Agree with Foggy - speak with your ip.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
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.....