Hi lifenoteasy
my outstanding mortgage balance is approx £200k
the approximate value of my property without the works carried out £130k and with the works carried out £160k I live in a block of 4 houses and these values are based on the sale prices of 2 of them, either way will more than likely still be in negative equity in 2 and a half years, the planning and building regs although will have an effect on sale price are not my priority, finishing my IVA would be my priority but I take on board your comment
Would just be nice to see someone else get out of an IVA:)
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Thank-you - it would be nice
Although it has taught me a very good lesson and hopefully I'll never end up in the same position again, will just have to wait for the solicitors to pull their finger out
If your IP was aware of this claim at the outset it must have been addressed within the IVA whether excluded or not. It cannot have been ignored so you need to find out how the claim was initially treated. Personally I would have excluded it as the case could fail if you were suing someone yet the beneficiary would be your creditors and not you. Legal Aid for example would be withdrawn where the beneficiary of the compensation is not the actual recipient of the legal aid.
If mentioned this should have been addressed. You need to speak to the IP because if yours is a protocol proposal then the asset may be excluded and if it was an R3 proposal then it should have been specifically excluded. You need to know how the IP treated the claim.
Michael - not sure what type of proposal it was but sure it wasn't addressed, in reality is it really worth mentioning prior to any decision on the solicitors part as there is a chance the whole case could be thrown out anyway?
I would get this resolved now with the IP as otherwise you could be wasting time and money. Get them to confirm that the claim was excluded as it is compensation for a specific damage which needs redressed. As you did advise them of this at the time they should agree not to pursue the claim.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by fireblade3516
Hi Lisa I've made 31 payments so I thought that without the extension I have another 29 payments to make, am I missing something? if I'm right then 29 x £515 = £14,935 making my offer more attractive. Thanks in advance again for your comments
Apologies - I miseread your earlier e-mail and through you had only made 11 payments.
So your calculations are right that c£15k of contributions to pay but will depend on how this money is to be treated. If it was mentioned at start of IVA it should be in the IVA. Follow Michael's advice and speak to your IP.
Hi all,
I've contacted my IP and their response was :-
They would need to see a full breakdown of the compensation before being able to fully advise.
They say however, it's likely to be considered an asset and therefore the whole amount would have to be paid into my IVA.
They say that if I need the funds for my property or want to offer it as full settlement of my IVA I would have to arrange a creditors meeting to consider a variation of the terms.
worst case scenario they keep the full amount of compensation as an asset of your IVA then that should only leave a small balance. They are right - if you want to make a F&F offer then they have to call a variation mtg for creditors to approve it. The key here is to know how they are going to treat the compensation so you will need to send the documents to them to get that answer. You can always then seek advice from an insolvency lawyer (i can recommend some) if you want to challenge their stance.
