Please can someone clarify this issue for me please.
I am currently in my 4th year of my iva and i have asked the question to kingsgate what happens when i do my valuation. They have informed me that if there is no equity in the property then iva ends and that is that. (in reality yes maybe but the small print may say different) Then the lady said if there is equity and you cannot re mortgage then it continues for a further year. So i get that and i guess it all makes sense, however i posted this question on another topic and melanie giles kindly replied and said it will state in your chairman’s report. Well i think it does but i can not understand it ha-ha is it possible one of the experts could translate it for me ha-ha.
I was living with my parents when i took out the iva
[red]4.6 any property that i require after the date of Approval of the arrangement and before the conclusion of the arrangement will be made available to the joint supervisor for the general purposes of the arrangement insofar as the same could be claimed by a trustee in bankruptcy pursuant to the provisions of sections 307-309 of the act. I undertake within seven days of any such property devolving upon me to give notice of the same to the joint supervisor and to cooperate with them fully as regards the realisation of the same. This is subject to the proviso that any such after-acquired property will only be sold or otherwise realised to the extent necessary to pay all creditors claims in full together with the interest of 8% per annum simple. until the sale or realisation, such property will be held by me upon the trust declared by condition 33 of the the standard conditions which apply to this proposal[/red
thank you for your time
Dave
The clause that you have reproduced relates to windfalls and not the equity release provision. If you can reproduce the latter I will be happy to comment on it for you, but nothing can beat the advice from your own IP.
