RX1

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Enjoyingthesmallthings

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Post by Enjoyingthesmallthings » Wed Dec 09, 2015 4:27 pm
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I had the email today asking my to sign the RX1 on my property, which then got me thinking about how long this restriction remains on file. When does the restriction get removed, as soon as the year 5/6 is completed?
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Michael Peoples

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Post by Michael Peoples » Wed Dec 09, 2015 4:32 pm
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The restriction is there for the duration of the IVA so however long that takes. It has no value but only acts as a protection for creditors in case you try to remortgage or sell up. The IP will then be notified and can take steps to prevent this or approve the sale/remortgage if that is part of the IVA anyway.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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Enjoyingthesmallthings

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Post by Enjoyingthesmallthings » Wed Dec 09, 2015 6:14 pm
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Thank you Michael. How long does it take to remove once the IVA is completed?
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kallis3

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Post by kallis3 » Wed Dec 09, 2015 6:53 pm
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Your IP should inform the Land Registry as soon as the IVA is completed.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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Enjoyingthesmallthings

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Post by Enjoyingthesmallthings » Thu Dec 10, 2015 7:23 am
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Thanks Kallis
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SUC

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Post by SUC » Thu Dec 10, 2015 8:52 am
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If the IVA is settled early does the RX restriction stay in place for the 6 years from start date or does the IP remove it after completion certificate issued
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kallis3

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Post by kallis3 » Thu Dec 10, 2015 9:00 am
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It will be removed as soon as the completion letter is sent.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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Michael Peoples

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Post by Michael Peoples » Thu Dec 10, 2015 9:32 am
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Exactlt. The RX1 is only there to protect creditors while the IVA is in place and is very easily removed once the IVA has completed.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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Lisa Thomas

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Post by Lisa Thomas » Thu Dec 10, 2015 4:18 pm
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Once the IVA no longer has an interest in your property it should be removed, or at the end of your IVA, depending on the circumstances.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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