I was in an IVA with Creditfix. The IVA was terminated in May 2018. I have certificate and I have been removed from the Insovancy register.
I fell pregnant again with my second child and decided to put the house on the market. We are very close to completing. However it came up on the search that the restriction on the property is still in place even though I am no longer in an IVA contract.
I am in contact and arranging payment plans with my creditors myself and they are happy to deal with me and accept payment until I can offer a settlement figure to them.
I can not proceed with the sale until the restriction is removed but Creditfix are saying that they will only remove it if a) I have all funds transferred to them to hand out to my creditors or B) lift the restriction with confirmation that my creditors are happy with me to continue to deal with them direct.
My creditors have said that as the agreement was terminated they don’t understand why they need to confirm that they are in contact with me.
As I understand it, once terminated the supervisor can no longer act as a go between between debter and creditor or distribute funds on my behalf.
I am 6 weeks away from giving birth and the sale should have gone through by now. But this stalemate is holding everything up.
As recently confirmed by the courts (albeit re.PPI ) the trust created by the IVA survives it's completion and, I would assume that this applies to it's termination also. The equity was an asset of that IVA and, like PPI, it's release is of interest to the trust. This confirmed the existence of the trust previously referred to as a Gallagher Trust, by virtue of an earlier court case not connected to PPI.
I would think that your easiest option would be B) as presented by Creditfix. Your creditors do not have to understand the thinking behind Creditfix's requirements, just issue a quick note confirming that they are happy for the restriction to be lifted.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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