Sorry for the long post;
I am now in month 49 of a 72 month IVA (NRAM debt and they insisted on the extra year)
As per the Chairman's Report on approval of the IVA I have to try to remortgage at month 66 (a little way to go yet, but I have some concerns).
Firstly, I am no longer married and had a horrendous time with CF when trying to get the divorce's Financial Order in place - several of you helped during this time. CFs paperwork is wrong in my IVA The Statement of Affairs section was correct and all figures were based on 50/50 ownership which the creditors have agreed to but CFs narrative to this states that I solely own the property. When this was raised with them I basically got it thrown in my face that if I wanted to change it they would fail the IVA.
I now own the property 80/20. So the financial order was approved by an accountant at CF (the nastiest individual I have ever had the displeasure of dealing with) but he has never had a copy of the stamped financial order, other than the one he approved (it hasn't changed). I have managed to get the approval email from him to my solicitor and although he says this looks ok, he does also say I would recommend x y and z amendments, my solicitor never added as she states he said it was OK and they were only recommendations.
Skip to now and I've had my latest Annual Report.
This still states only a 50% share - should I forward the approved financial order for their records. I am reluctant to do this as I don't want to shake the hornets nest. CF can be so difficult to deal with.
Secondly, if I have to have approval by my ex to remortgage and he refuses (without question he will refuse) where do I stand? He never signed anything for the IVA. Even if I did go for a remortgage I couldn't get the current mortgage, let alone an addition 46k.
Thirdly, and this I find more than a little worrying. In the original proposal it was proposed that I would end up paying 60p in the pound. This is not going to happen, they now estimate it will be 59.86p in the pound but that's with releasing equity with a remortgage which isn't something I'd be able to do so it will be more like 34.78p in the pound. Will this mean my IVA fails?
I know too there is the unsecured loan option which no doubt they will try for. Financially I don't think there is a loan they could offer that I could afford so again I'm back to only achieving 55% of what was originally expected.
On a separate matter what do I do if I want to move my partner in? Bearing in mind CF will not want him to also be able to claim against the house if we co-habit. I currently have a lodger and those payments have been introduced into the IVA. The lodger will be leaving prior to my partner moving in. Is it OK to keep him as the lodger and charge him accordingly? Or do I need to consult CF.
I know it's still early days but it would be awful to fall at the final hurdle. So any advice would be really helpful.
On the lodger / partner front, I would be inclined to keep partner as lodger and carry on as now. Financially I am sure it would be much the same and your personal life has nothing to do with CF (although I am sure they would like to think otherwise).
On the mortgage / equity front, I am afraid that predicting what CF would do is impossible and contrary to what any other, reasonable, firm would be doing in the circumstances. In the majority of cases I suspect they would go straight to the 12 month extension ... but, CF, who knows !?
And, the dividend front ...... not many arrangements, these days, have a minimum dividend stipulated, most are an estimated dividend, which is non-binding. You will need to check your wording carefully, especially if the proposal was actually drawn up by CF, rather than you being moved to them at some point. a 30-odd% dividend is still considered a good return in an IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk