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

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sam389

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Post 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

Foggy

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Post 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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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kallis3

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Post by kallis3 » Sat Oct 13, 2018 5:28 pm
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.
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Lisa Thomas

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Post 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.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Lisa Thomas

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Post by Lisa Thomas » Mon Oct 15, 2018 8:41 am
*include
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Shaun Vickery

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Post 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.....
Highly Commended at the British Mortgage Awards. For individual mortgage advice go to http://clients.theselectpartnership.co.uk/
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