IVA registering of interest in my property

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Kryptonite1

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Post by Kryptonite1 » Wed Jul 15, 2020 12:42 pm
Hi,
Many thanks for the opportunity of your lending an experienced ear to my query! Ive had an IVA going for the last 3 and a half years, so over halfway through, Ive managed to keep to the payments in time. But Ive now received a letter from the Land Registry to say that my IVA provider on behalf of my creditors, is asking to register an interest in the property I share with my-expartner, and asking us both to agree or otherwise. I dont think my ex will agree to sign it, but if he doesn't, will we have to sell the house and pay off the IVA?
Why would they have done this after so long? Ive not missed any payments though its not easy; I know that an IVA is a good route out of debt and I appreciate the value to me and the importance of keeping to the terms of the IVA. Do I agree to it, is this a normal procedure, and at the end of the IVA will the IVA people remove it from the Registry?
Many thanks.

Foggy

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Post by Foggy » Wed Jul 15, 2020 2:32 pm
The restriction is normal practice and will be removed when the IVA is completed. It is usually done right at the start and, I am guessing, they have only just noticed that this wasn't done. Failure to agree can lead to the IVA being terminated --- in any event, with or without the restriction in place, you will be facing the question of attempting to release equity, as agreed in your proposal and this is a must do. If unable to release equity (assuming there is more than £5k of equity in your share) then your IVA will be extended by 12 payments.

In the light of your situation and your ex's non-cooperation your IP might be amenable to asking the creditors to vary the terms by excluding equity release and extending instead.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Kryptonite1

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Joined: Wed Jul 15, 2020 11:17 am

Post by Kryptonite1 » Wed Jul 15, 2020 7:53 pm
I have had an IVA in progress for nearly 3 years, and have just received an application from Creditfix to register an interest in my property with the Land Registry. I have not missed a payment, and dont intend to for the rest of the term, why after all this time, would the IVA company request this? Will it show on the Land Registry once the IVA is completed?
Many thanks.

luluj

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Post by luluj » Thu Jul 16, 2020 5:43 am
its to do with the equity in your house. Probably oversight not done at outset as it is normal. Once iva ends the restriction will be lifted.
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Foggy

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Post by Foggy » Thu Jul 16, 2020 8:11 am
Duplicated Topics merged
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Kryptonite1

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Joined: Wed Jul 15, 2020 11:17 am

Post by Kryptonite1 » Thu Jul 16, 2020 11:11 am
Thu Jul 16, 2020 5:43 amluluj wrote:
its to do with the equity in your house. Probably oversight not done at outset as it is normal. Once iva ends the restriction will be lifted.
Thank you luluj!

Kryptonite1

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Joined: Wed Jul 15, 2020 11:17 am

Post by Kryptonite1 » Thu Jul 16, 2020 11:12 am
Wed Jul 15, 2020 2:32 pmFoggy wrote:
The restriction is normal practice and will be removed when the IVA is completed. It is usually done right at the start and, I am guessing, they have only just noticed that this wasn't done. Failure to agree can lead to the IVA being terminated --- in any event, with or without the restriction in place, you will be facing the question of attempting to release equity, as agreed in your proposal and this is a must do. If unable to release equity (assuming there is more than £5k of equity in your share) then your IVA will be extended by 12 payments.

In the light of your situation and your ex's non-cooperation your IP might be amenable to asking the creditors to vary the terms by excluding equity release and extending instead.
Thanks for that Foggy!
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