Modifications Overule?

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Sunflower1
Posts: 30
by Sunflower1 » Fri Jan 15, 2010 12:14 pm
Hi All,
We have agreed to an IVa for 60 months plus the sale of our house (which we do not live in). Do Modifications in an IVA overule the "General Terms for Protocol Compliant IVA"? Only we have agreed to sell our house within the first year of the IVA due to it having 100% equity and no mortgage and this Modification was insisted by our creditors. On looking through the General Terms it says that "there should be no circumstances where the individual would be forced to sell their property instead of releasing equity" and that any attempt by any person other than me will be void? The equity in the property only amounts to £60K and does not cover all our other outstanding debts as we are in a joint IVA.

 

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Michael Peoples
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by Michael Peoples » Fri Jan 15, 2010 1:03 pm
Modifications supercede the proposal and thus the terms and conditions. If you do not agree to the modifications the vote counts as a rejection and the proposal fails. Ultimately it should not matter to you whether it is sold now or later as creditors will benefit from the equity and not you.

 

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Sunflower1
Posts: 30
by Sunflower1 » Fri Jan 15, 2010 1:13 pm
Thanks for the clarification Michael.
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