Register a restriction

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chrisg

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Joined: Thu Jul 25, 2019 9:21 pm

Post by chrisg » Wed Feb 12, 2020 7:19 pm
Hi, I have had an IVA now with creditfix since August last year. Today I returned home to find a letter which said ‘Application to register a restriction again the land’ This has been lodged by creditfix.

Is this normal ? And do I need to sign it ? This feels so weird. Please can someone give me more info?

Foggy

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Post by Foggy » Wed Feb 12, 2020 7:25 pm
It will be an RX1 --- the restriction is so that the IP will be informed should you try to sell or remortgage your home, as the equity released will be an asset due to be paid to your creditors. This restriction will be removed when the IVA completes successfully. It is standard practice for homeowners.

You usually need to sign and return it the Land Registry, giving permission for the restriction to be lodged. Refusal to do so may see the IVA failed.
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

kallis3

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Post by kallis3 » Wed Feb 12, 2020 7:27 pm
Just a normal thing with an an IVA - nothing to worry about.
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.
http://kallis3.blogs.iva.co.uk
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