If you simply sell up and divide the proceeds between yourself and ex the IVA is entitled to 85% of your share and the IVA will continue until such time as you reach the full debt amount, plus fees and possible statutory interest.
Sonnyjimbob wrote:Thanks, I called them and they basically said its a tricky one and if its accepted it could mean the amount would be due in as little as 4 weeks and not when the house actually sells. I'm now at a loss as to what to do. If we sell anyway it will cost 20,000+ to repay. The only lying thing g I can think of is to see if i can borrow a lump sum as an offer and repay whoever with equity. But I don't even know if that's an option yet. Any suggestions?
It's not a tricky one at all ... the amount would be due in whatever time frame is agreed with the offer. The creditors agree that the lump sum amount can be paid when the house sells -- in the meantime you continue the usual payments, so they don't lose out.
Sonnyjimbob wrote:Thanks I'll write it all down and try again with more info. One other thing, they said they don't have a signed copy of the chairman's report from me on the system, which I did do. and I have had the rx1 sent back to me to re sign as that was signed in the wrong section. How will this affect me?
What they mean is that they have probably lost the signed copy of the Chairman's Report, as they should not have proceeded without it -- if they ask you to sign another make sure it agrees with the one you already have. The RX1 should also have been lodged at the start -- it is to place a restriction on the title of the property so that it cannot be sold without their knowledge and permission. Lodging it now would only complicate matters -- they know it will be being sold if the F&F is accepted --- but, if they insist you must comply or they could simply fail the IVA.
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