Selling house

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kevin964
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by kevin964 » Sun Jan 28, 2018 5:46 pm
Selling house, 25k towards iva. Which would or is £513.80x 60 plus extra 12 months so in total 72 months 37000 plus a bit. We offered 25k. IVA say no more or less start again. Could end up paying more a month no promise have said we can keep some towards moving if we supply receipt. Can we do anything?
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Foggy
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by Foggy » Sun Jan 28, 2018 5:56 pm
During an IVA you always owe the full original debt plus fees and possible statutory interest. If you see the house they are entitled to get 85% of the share of equity of those in the IVA up to that figure. This is a condition of the IVA and one which you agreed to at the start -- you cannot negotiate. I do not see why they are saying start again --- you just continue on the agreed terms until that sum is met or the IVA comes to it's agreed end.
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kevin964
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by kevin964 » Mon Jan 29, 2018 9:01 am
check then double check what you are doing with or if you consider an iva its not what it seems. We said we were always selling the house now were told makes no difference you pay more back even though we are paying back 25k in under 6 months

if i sell the house sale money pay off the people i owe money to direct is that a better way? cos it look like the iva are keeping more than paying out
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Foggy
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by Foggy » Mon Jan 29, 2018 9:23 am
kevin964 wrote:
check then double check what you are doing with or if you consider an iva its not what it seems. We said we were always selling the house now were told makes no difference you pay more back even though we are paying back 25k in under 6 months

if i sell the house sale money pay off the people i owe money to direct is that a better way? cos it look like the iva are keeping more than paying out


You cannot pay creditors direct --- the money has to go to the IP to be paid to them through the IVA. Most people go into an IVA so they do not have to sell the house --- if that was your plan you would possibly have been better doing it before going into an IVA. We always advise those thinking of an IVA to read and re-read the documents before signing and to make sure they understand the ramifications ..... sadly many don't.
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kevin964
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by kevin964 » Mon Jan 29, 2018 12:33 pm
thank you for your help do you reckon we are right to claim some of the 25k you think around £3750 and we keep paying the 513.80 till the balnace has been paid when we sell the house does the money go into our account and we transfer it to them many thanks again big big help
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Shaun Vickery
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by Shaun Vickery » Mon Jan 29, 2018 12:45 pm
I have to admit I'm not entirely clear on the question so please excuse me if I have misunderstood. Have you considered raising money against the property before you sell to offer in Full and Final Settlement, which would then leave you free to sell the property at your leisure?
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Foggy
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by Foggy » Mon Jan 29, 2018 12:45 pm
kevin964 wrote:
thank you for your help do you reckon we are right to claim some of the 25k you think around £3750 and we keep paying the 513.80 till the balnace has been paid when we sell the house does the money go into our account and we transfer it to them many thanks again big big help


I have seen instances, quite often, where the IP has agreed that an amount be retained for onward housing, removals, rent deposits etc. But this is by agreement with the IP. Usually the sale proceeds are sent straight to the IP by your solicitor.
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kevin964
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by kevin964 » Mon Jan 29, 2018 1:01 pm
we are paying £513.80 for 60 months then i would need to pay another 12 months £513.80 total £37000 we have offered 25k from house sale £3000 we have paid =28k iva say you can do that but then they recken we will pay more back in the £ cant give me a figure which i guess will be higher we are trying to cut out goinings by rent etc and all other house costs will reduce but if i can pay what we pay now till the £37k is paid then fine i can do it and get it out of the way but from what they say that might not happen i will pay more back n the £££ also i now believe all the money goes to the iva and i need to claim back with reciepts what it cost to move i cant do that because no money spare any advice would help many thanks :cry: :cry:
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Shaun Vickery
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by Shaun Vickery » Mon Jan 29, 2018 1:10 pm
So you aren't in the IVA at present?
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kevin964
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by kevin964 » Mon Jan 29, 2018 1:40 pm
sorry yes 6 months ....
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Shaun Vickery
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by Shaun Vickery » Mon Jan 29, 2018 1:58 pm
So, ignoring the 6 months paid to date I calculate that (if contributions remain the same for the term of the IVA), you would pay £27,745 for the remaining 54 months until the end of the 60 months and then need to address the equity in your property....so potentially a further £6,165 if your IVA was extended (if you couldn't release equity). If that was the case you would pay £33,910 from now. Are you saying that an offer of £25,000 from the sale of the property has been rejected?
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kevin964
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by kevin964 » Mon Jan 29, 2018 2:01 pm
yes 1005 no way at all house is sold we are holding up sale because i do not see the point selling
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Shaun Vickery
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by Shaun Vickery » Mon Jan 29, 2018 2:03 pm
1005?
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kevin964
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by kevin964 » Mon Jan 29, 2018 2:13 pm
sorry 100% iva have told me it does not work like i would like it to they say after 36 months i would have to remorgage i am to old sorry i am making it a bit unclear working and under pressure
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kallis3
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by kallis3 » Mon Jan 29, 2018 2:42 pm
It is usually 54 months before you to have to remortgage and I take it your buyers/solicitors and mortgage company know of this impending sale?
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