In my 4 year of IVA...

[hammer1]

And I have just found this site[:(!]

Anyway I am in my 4th year of an IVA with a company called Mazars. I was forward to them from my back then debit managment company called Harrington Brooks.

I feel now that I could of got a better deal with another company in regards to what they charge.

September 08 will be the start of my 5th year.

Part of the agreement was to give the creditors 50% of any pay rises bonuses that I received, luckly I have managed to keep the repayments the same due to outgoings.

One question I have is they say at the end of the IVA they might get you to sell any positions you may have .i.e. a car you may own and also if you own or hald own a house to get you to use up any equity or remorgate to repay what is still outstanding.

How do they check if you own a house or a car????

Will this be fact???

Please let us know and great site

[emma_t]

Hi Hammer and welcome to the forum

At least you have found the forum now.[:)]

I am sure an expert will be along shortly to answer you questions.

Have you read your proposal/chairmans report to see if it covers any of these things?
I have never heard of anyone having to sell their car at the end of an iva.

How long is your iva, is it longer than the standard 5 years?

Best wishes
Emma

[hammer1]

Thanks all.

My IVA 5 years 6 months, then it says something about 3 months for the IP to complete administration???

I mention the car business beause it is nor in the document, but I was wondering what assests you will have to sell.

In regards to property, my brother wants to put our old parents house half in my name, this is for my kids future.

Will I have to sell my half or remorgate it to pay off the debt (it also state lus 8% interest per annum).

It mentions in the document section 33 about 'all property shall be held by the debtor until realisation upon trust for the supervisor absolutely and upon realisation the proceeds of such realisation shall be paid to the supervisor'


What does that mean???

[emma_t]

I think its best to wait for one of the IP's who post on the forum to answer your questions as I would not want to give any wrong advice.

As I said I have never heard of anyone having to sell a car at the end of an iva.

Well done also for completing 4 years of your iva, no to long to go now[:)]

The forum is a wealth of support and expert advice so stick around for the remainder of your iva xx

[Adam Davies]

Hi
Your car will not have to be sold
Did you have a property going into the IVA ?
If not then do not have any other property put in your name otherwise it will be deemed as a windfall and payable into your IVA
Regards

[hammer1]

Thanks for that.

How would they know if someone put half a property in my name. And how would I pay half of the property into the IVA?.

I owe £25,000 and I think I will of paid 17 - 18,000 of it back by the end.....will have to check.

Would it be good to contact my IP to see what advice they give?

Would it be wise to accept to have half the propert put in my name and not inform anyone involved in my IVA??

Thanks fo the advice in advance.

Think I might become a regular for the next year or so..........

[emma_t]

Can you not hold off until after your iva is completed before getting property transfered into your name.

I think that would be the safest thing, I would wait for an IP on the forum to confirm before phoning your own IP of the situation.

x

[hammer1]

Andydavie

I will be paying for the morgagte while residing at the property. So it is not exactly a windfall as I have to pay for the morgagte as I will be living there. My brother will though own half of the property. Its not exactly a gift/windfall, as I will be paying.

Does this change things?

[ianmillington]

I would agree that it would make sense not to acquire any property interest until your IVA has finished. At the very least, it will muddy the water. However, can I ask the delicate question as to whether you have actually acquired the interest already i.e have your parents died and you and your brother inherited a half-share each?

As regards the other assets I would conclude the term "all property shall be held by the debtor until realisation upon trust" to mean all property included in the arrangement. So, whatever was included in the arrangement needs to be realised and paid in.

The Car - more muddy water I'm afraid. I'm assuming it wasn't disclosed due to honest omission? It probably won't be a problem so long as it's not an expensive car and you use it for work.

One thing I cannot do is recommend the information be withheld from the IP I'm afraid. Non-disclosure of the property in particular would be a breach of the proposal.

HTH

Ian

[hammer1]

Hi,

Many thanks Ian.

The property concerned is currently in my brother name. My parents have moved back to Ireland.

It was suggested that I move into the property and pay the morgate.
With me paying this it was suggested that my name go on half the property, as this is only fair. Saves me wasting money on rent and something to work to life after IVA.

Not your usual situation I agree, hence asking what your views are on the subject.

In regards to non - disclosure, that was sort of tongue n cheek (i suppose we all wish for that....)

[ianmillington]

Hi again

Does the amount of the mortgage equate to the commercial rent that could be expected for the property? Also whilst it may be in your brother's name is it in reality still owned by your parents?

If the intention is for you and your brother to share ownership, is there equity in the property? Reason I ask is that if you are up to date with your IVA you probably wouldn't have to raise too much money on it to settle the IVA and close it off early, thereby solving the problem completely.

Ian

[hammer1]

My brother does offically own it. The money a pay a month would cover the mortgage.

Not sure about equity, how would that work?

Is it best to contact me IP and explain all

[Adam Davies]

Hi
Speak with your IP and be upfront and open with them.Any asset that you gain as a windfall post IVA can form part of your IVA,even if you are paying a mortgage you really need to wait until your IVA is finished as your IP could claim some of the equity.
Regards

[MelanieGiles]

If you receive the benefit of an asset post IVA, this is probably captured by the windfall provisions of your IVA, so I would also personally postpone the transfer until your IVA has concluded.