Selling house

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kevin964
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by kevin964 » Mon Jan 29, 2018 2:51 pm
yes i have told them before we went into iva
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Lisa Thomas
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by Lisa Thomas » Mon Jan 29, 2018 4:19 pm
The key is what does your IVA say?

Did you say something along the lines of:

1.
A. We are voluntarily selling house and from the proceeds we promise to pay in £xx and keep some of the remainder and possibly;-
B. We will also pay in x number of monthly contributions in addition to the lump sum form the property

or, probably more likely:

2.
Did it say that your IVA is contributions based and will last for 5 years plus one extra year for the equity equating to a 6 year IVA?

I suspect that it may be 2) and what has happened is you are now selling the house (not in accordance with the IVA) which means that ALL of your share of the net equity has to be paid into the IVA unless and until the TOTAL debts, interest and costs of the IVA have been paid in full.

You have said that you told them before you entered the IVA that you were selling the house - if that was properly understood then I would expect your IVA to be on the basis of the house sale alone and not also contributions.

It sounds as if there has been a misunderstanding somewhere and I wonder if you have signed a proposal which did not accord to what you were intending....?

The answer will be in your proposals and any modifications (check the chairman report).

I'd be happy to have a quick look at it for you if this would help.
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kevin964
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by kevin964 » Tue Jan 30, 2018 7:20 am
thank you Liza for your reply the no2 rings more bells we did tell them we were wanting to sell the house and have we now are unsure if just to battle on and cancel house sale and end up paying the 54 months plus an extra 12 then sell but age and health do control what we can do ,if they take all the house money then we pay the balnace we could go for that but they say no way you or we signed it we will have to pay more
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Foggy
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by Foggy » Tue Jan 30, 2018 7:38 am
Might I ask which firm you are with, Kevin ?
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kevin964
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by kevin964 » Tue Jan 30, 2018 7:51 am
vincent bond strarted helping then middlebrook who we asked in oct lasy year foe how it works i have contacted vincent bond to ask them to help sort out the mistake we are still not sure which or what to do causing lots of upset and yes i look like an idiot ....thanks for all the help people are offering great help lowest time of my life
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kallis3
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by kallis3 » Tue Jan 30, 2018 9:19 am
I don't think VB will help - once they passed you on, they ceased to act for you. You need to sort this out with Middlebrook.
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kevin964
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by kevin964 » Tue Jan 30, 2018 9:31 am
i have asked them to tell the truth bcause its a life change one way or the other i can get back on track or go under i am sure they will do whats right tell the truth big thanks to all for advise and time you have taken
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Lisa Thomas
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by Lisa Thomas » Tue Jan 30, 2018 9:32 am
I suggest you do not sell your house until you have checked your proposals.
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kevin964
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by kevin964 » Tue Jan 30, 2018 9:43 am
thank you ,i think thats the best way keep the house and see were we go from there its a problem money wise and health wise also sad story car knackeded and finance still owed cant sell it no finance available no car no job
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kevin964
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by kevin964 » Tue Jan 30, 2018 11:41 am
thanks again foe everyone taking the time to offer good advice ... update the manager rob from the iva company has phoned to say we may be able to do this or that ok its perhaps or may be but there could be a new path to travel have to add vicent bond came straight back to me to offer there full support
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