I am trying to sell my house in a full and final offer to my creditors and have hit a huge stumbling block.
I was told by my IP that I needed to have my house on the market before I could propose a variation / F&F.
The IP indicated that once the paperwork ( sales particulars/mortgage statements etc ) was with them, the creditors would come back with a decision in a short time.
Ok so now the house is on the market, I have been told by the IP that it will take up to 8 weeks for a decision. In the meantime I will have people looking at my house, and I will not be able to accept an offer because I do not know if the creditors will accept my own offer , and there will be a charge on the property form the original terms in the IVA. How the hell will I tell the estate agents that I do not want any offers for the 1st 8 weeks?
Pretty peed off now
Hopefully one of the professionals will pick up on this.
What company are you with?
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
It should not take eight weeks for a variation to be held especially in your circumstances. Contact your IP directly and tell him your concerns but in the meantime let the offers be made. Advise the agent that you will have a closing date for best offers which might buy a little time from a prospective purchaser.
There is of course the danger that you could lose a buyer because of this so push your IP to do the paperwork as normally the maximum time needed for a variation is 28 days.
Logistically this should not present a problem - although I agree that your IP should get the variation report finalised at an early stage. Even if you were to get an offer on the property next week, it would take a few weeks to progresss, in the meantime it should take no more than five wees for your IP to call the creditors meeting - bearing in mind that most IVAs will require a minimum notice period to creditors of 28 days.
Hi all , thanks for your replies.
The IP said that the variation proposal would take 4 weeks plus at least 28 days for the creditors decision. Thanks Michael , I will follow your advice, I have also alerted the estate agent to the fact it may take 8 weeks from now before I can progress. They seem happy with that given the timescales involved in selling a house.
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
Melanie/Michael would it potentially take less than 28 days for the notice period if the creditor was just one company?
Thanks in advance for your answer and the nice messages
The 28 days is normally a modification proposed by creditors at the meeting. It is possible that a shorter period may apply particularly if there is only one creditor.
