Hi. In an IVA that took 13 months of pre-proposal

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Alph
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by Alph » Tue Jan 26, 2010 4:36 pm
Thanks Jan. Another thought about this...would my wife be able to buy my interest in the property as a matter of course or would she have to prove to the mortgage lender she could afford to take on the loan? How much of a say does the mortgage lender have in all of this?
(So appreciative of all of your help, by the way!)

 

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kallis3
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by kallis3 » Tue Jan 26, 2010 4:39 pm
If your property is in negative equity, all it will cost is £1 plus £211 costs. As long as you continue to pay the mortgage there shouldn't be a problem.

 

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Alph
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by Alph » Tue Jan 26, 2010 4:51 pm
Thanks again, Jan.
Sounds too good to be true!!! Gonna discuss this with my wife this evening. Would this issue apply to both avenues of bankruptcy, ie voluntary on my behalf or enforced by the creditors?

 

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Michael Peoples
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by Michael Peoples » Tue Jan 26, 2010 4:57 pm
It applies to both scenarios. Think it over and if you decide to proceed with bankruptcy there are plenty here to help you. See what happens with the variation tomorrow and speak to your wife.

 

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Alph
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by Alph » Tue Jan 26, 2010 5:08 pm
Thanks, Michael (and Jan). Will do that and let you know what happens tomorrow.

 

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kallis3
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by kallis3 » Tue Jan 26, 2010 5:11 pm
Fingers crossed for tomorrow.

 

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MelanieGiles
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by MelanieGiles » Tue Jan 26, 2010 9:51 pm
The purchase of your beneficial interest by your wife will not affect your mortgage - legal ownership of the property and the responsibility for the mortgage will remain joint.

Best of luck from me as well.

 

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Alph
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by Alph » Thu Jan 28, 2010 10:32 am
Unfortunately, my variation was rejected! Apparently all my dozen creditors (including Student Loans and HMRC!) responded and all agreed to it except for good old Northern Rock...the bain of my IVA!!! Unfortunately, my NRock debt is more than 25% of the debt.
The good news, I believe, is that they have not called for a 2nd Resolution (ie Bankruptcy) but rather have said the IVA must remain as originally proposed.
The girl from Grant Thornton who called yesterday said that the IP (or his team) would be in touch to see how we go forward but confirmed I was still protected by the IVA and we just needed to discuss catching up the arrears I have accrued and how I pay going forward.
Does it sound like that it's between me and the IP to ensure that we fulfil the full IVA over the next 4/5 years? Or are there/could there be any further issues around my arrears?
Has anyone else had a similar scenario with a variation and/or arrears?

 

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Michael Peoples
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by Michael Peoples » Thu Jan 28, 2010 10:54 am
Sorry to hear your variation was rejected and I am a bit surprised. If the IVA is able to continue in its original form there would not be a need for a variation. If your wife is now obliged to support your IVA to the detriment of herself and her creditors this may be unfair. She should seek advice herself to ensure she is not being unfairly prejudiced.

 

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Alph
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by Alph » Thu Jan 28, 2010 11:07 am
Hi Michael. Thanks for your prompt reply. The variation was to address some arrears and buy some time with a further break whilst my s/e business hopefully had an upturn. I will wait for the written response from GT for confirmation, however, as per my question, if NRock have asked that the IVA remains as originally proposed and they've not asked for any 2nd Resolution, does that mean that my IP and I have been left to get the arrears and future payments resolved? I can only assume they know there's no way bankruptcy would be an option as they are my mortgage company and would know there'sno equity.

 

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Michael Peoples
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by Michael Peoples » Thu Jan 28, 2010 11:22 am
It is possible and I am sure your IP will explain. If creditors have agreed to forgive the arrears and allow the IP to reach a repayment plan then it should be down to what you both can agree. However, I am guessing as I do not know what the variation requested or what any new modifications are.

 

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Alph
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by Alph » Thu Jan 28, 2010 12:36 pm
Thanks Michael. I'll wait for the confirmation letter/calls from the IP, see what the next move is and then keep you all informed and/or ask for help from you guys!
If by sharing my IVA experiences I can help anyone, I'd be glad to let people know how my IVA has gone...I think it has been (and still is!!!) a very unusual/complicated one where, I'm sure, GT have earned their fee(s)!!

 

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kallis3
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by kallis3 » Thu Jan 28, 2010 12:41 pm
Good luck Alph - hope it all works out for you. Keep us informed.

 

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Alph
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by Alph » Mon Feb 08, 2010 4:55 pm
I'm now beginning the process of renegotiation with creditors/IP regarding my failed variation, however, as my wife has been helping me/us out alot, she now needs help!!
As we think it will be a temporary thing, we are looking at a DMP for her until we're back to a decent level.
We've approached PayPlan and woule be grateful if anyone has any feedback on them - good or bad. Has anyone had dealings with them?
Any advice/help/info would be gratefully received!!
Thanks all.

Phil (Alph!)

 

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kallis3
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by kallis3 » Mon Feb 08, 2010 11:18 pm
I've not done a DMP with them but both hubby and I have our IVA's with them.

So far we have had no problems, although they do get mixed reviews sometimes.
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