Just starting to get the paperwork together to send to IVA Advice guys
To hopefully do a FF IVA once my place is sold (going on market next week)
I have been told to stop making payments to my creditors via payplan, which is fine, but I had a thought...what happens if my IVA doesn’t get accepted by the creditors, what then? BR?
The way I saw it, is that I am selling my only asset to help clear my debts, surely this would mean the creditors get more from me then if they make me BR?-Am I correct in saying this?
Seems to be a case of putting the cart before the horse. You should call a meeting of creditors first and get their agreement for the full and final. You would then be given around 6 months to sell the property or it would go to auction. However, all creditors would be bound by the sale proceeds so I would do the whole thing differently.
I would call a meeting of creditors now giving them the figures and seeing if they agree. Once the IVA is accepted you would be under protection and have time to sell the property. If you try and sell the property first you will still receive letters and phone calls and there could be charges placed against the property.
Perhaps I have misunderstood but if Payplan are recommending a sale before the meeting of creditors is called, that is not the way around that I would do it.