I wish I'd found this forum months ago when I started trying to enter an IVA. My post has two main areas - help understanding a restriction, and advice about my partner's IVA (my wife and I have applied for IVAs at the same time).
My business went bust at the end of 2019. My wife was a co-director. I had a director's loan and some personal credit cards, we jointly became liable for a large business loan and company overdraft.
We tried to sell the house to clear all of our debts, but it turns out we have subsidence and can't sell the house (at least not yet, another year or so and it might be fixed).
We tried to enter an IVA each. After a couple of failed attempts, mine has been approved but we couldn't get someone to vote on my wife's. After rescheduling the chairman's meeting we finally got a 'no' vote, but without any justification. We are hoping that it will go through later with a modification, but perhaps this is just wishful thinking.
My IVA has been approved, I just need to sign and return the docs to PayPlan. Included is a Land Registry Application to enter a restriction:
No disposition of the registered estate by the proprietor of the registered estate, or by the proprietor of any registered charge not being a charge registered before the entry of this restriction, is to be registered without a written consent signed by Nick Payne of Kempton House, Dysart Road, Grantham, Lincolnshire, NG31 7LE or their Conveyancer.
I was told that the registration would just mean that Payplan would be notified if we sold the house, but that isn't how I read the restriction. This would presumably prevent a second mortgage or secured loan with out Payplan's permission (fair enough), but would this also prevent us getting a new mortgage deal when our fixed plan runs out? What else might it mean?
My Wife's application
I now feel that I should have held off saying I'd accept my IVA until Lucy's had also been approved. I'm worried that this isn't going to go ahead, and that perhaps I should have used mine as a bargaining chip somehow. Any advice on what we could do at this stage to help get hers through would be appreciated.