Hi,I am in talks with Grant Thornton (GT) about setting up an IVA. I have a buy to let mortgage with Mortgage Express (they are not one of my creditors.GT have informed me they can reposeess the property.Is this correct?
If I decide to put the property on the market
can Mortgage Express still repossess the property?
The property can only be repossessed if you're behind with your repayments. If you're up to date with your mortgage payments, then repossession should not be an issue.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by ClareSilver
The property can only be repossessed if you're behind with your repayments. If you're up to date with your mortgage payments, then repossession should not be an issue.
Unless there is a specific clause in this companies BtL product allowing repossession in the event of insolvency. Unlikely, but a possibility.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Before you jump into bed with GT have you shopped around and spoken to other IP's, there are a few on this site which seem very good and come highly recommended. If I had my time over again I would contact Melanie Giles and chat to her first..
Yes, i will probably be shot down for saying this but think carefully before signing on the dotted line. Maybe take a read of some of the threads relating to grant thornon.
Generally, a mortgagee can only take possession proceedings against the property in the event of three missed repayments, but definately good advice to check the terms of the mortgage deed to make sure.
As others have said consider a number of IVA firms before signing up with one ...use www.iva.com to highlight a number of recommended firms ....look at the forum also as this gives a good opportunity to feedback on individual companies ...really important you don't jump into something you will later regret.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi everyone,thank you all for your advice. I have spoken to Mortgage Express today, so long your mortgage repayments are up to date on the buy to let property they will not repossess the property.
Doing a Google search there was an article where it does state Mortgage Express will call in the receivers and repossess the property stating breach of contract.
I am confused how to proceed. Perhaps an IVA is not the route to take and I may have to consider a Debt Management Plan. as suggested by nickjohn I should get a second opinion.
Just for further information I was recommended to GT by
Step Change Debt Charity.
Step Change recommend GT as a matter of course. Might I suggest you pop over to www.iva.com and have a chat with a few of the companies there. Also looking around the forum here will give you an idea of who does what and how well ( or not, as the case might be).
My personal choice would be to go with a smaller company who has your interests as a person at heart.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
And before you enter into your IVA make sure you are clear on all terms and conditions, especially those that still apply once you have either made your final payment or should you be so fortunate as to be able to settle early, because in my experience, final is not final.
Sebs25, are you self employed by any chance, it's just that I am with Step Change (or CCCSVA as it used to be) and they have their own IP who I am with for my own IVA but I am employed rather than self employed.
As someone else has mentioned, GT are having a few "issues" with quite a few members on here, reading through the posts, I would advise you get other IP's opinions ....... one of whom has already posted a reply further up with the initials MG (a very good one I am led to believe)
