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I have my creditors meeting later this month and my IP has drafted a full and final settlement, and involves me realising ALL my assets including equity in the house. The equity is being provided by a family member who will then take a charge on the property. It is a six month IVA with further 3 months for administration. My query is what happens immediately after the vote assuming it is a yes vote (fingers cross).

I will get a call later that day but does my IP also ring (or write?) round to all my creditors. Also who apart from my creditors are contacted? For example is my mortgage company contacted. Mortgage payments are up to date so not a creditor. I would hope they are not because later this year my fixed rate will expire and I would hope to take out a new rate. I am concerned that that my mortgage company might not offer me as an attractive rate if they knew I had completed an IVA, albeit a full & final one

Hi again

Your IP will issue a copy of his Chairman's Report to all creditors thus confirming the outcome of the meeting. Your mortgage company will not be contacted, as the rights of secured creditors are not affected by ongoing IVA proceedings.


Good luck at the creditors meeting.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Melanie - Thank you for the prompt response. It is most appreciated. Just need a yes vote now!![:)]

Hi Worried Man

Let's hope the IVA is ok but your next deal with your existing mortgage company might be a bit tricky. When you enquire, they may say you have a bankruptcy indicator showing on the property. If that is the case then I think it may not be wise to proceed and allow them to credit score you. At that point, if you reach it, I recomend that you speak with Welshboy ( Tony Parsons ) as he is the expert on IVA mortgages. Good luck...

RedDevil [:)]