We have got a date for our creditors meeting, which is next friday and I am terrified. This morning our mortgage lender rang to say that they had been contacted through the courts and that they needed to see is urgently, an appointment for monday morning has been made, I am going out of my mind that they will force a sale, can they do that, we have never missed a payment I thought that because mortgages are secured they are not affected by iva's as provision is made for the payment. Is it normal for mortgage lenders to be informed if you are entering an iva. Help .... don't think i will sleep until monday.
It may be because a caution has been placed against your property. This was something in our draft proposal. It basically flags your property in case you try to acquire any additional secured borrowing on it.
I'm sure someone will be along soon who knows what they are talking about
Last edited by Imhotep on Fri Nov 19, 2010 7:37 pm, edited 1 time in total.
There is no reason why they would have been contacted by the courts prior to the meeting. Yes, they have to be informed but we just got a letter from our provider letting us know.
As long as you keep up the mortgage payments then there should be no problem.
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.
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Hi, our IVA was approved in End of Oct 2010, and we so far have not heard from our mortgage company.
We were told they would be informed of our IVA but like i said not heard anything.
Im sure your creditors meeting will go well, the way things have been going in the country i would like to think banks etc realise people are generally struggling and i still think they have played their part in throwing credit at people as though its been going out of fashion.
One of our reasons for our IVA was to protect the family house. If your not behind with payments etc im not sure it would be in anybodys intrest to force any sale. IM NOT AN EXPERT!!! but im sure things will work out for you.
If you get any letters on sat morning dont open them until Monday as it spoils your week-end. Good luck.
Whilst a mortgage deed may contain default clauses if the mortgagor enters into formal insolvency proceedings, these are rarely enforced as the mortgagee tends to take the view that so long as payments are maintained this is a better option for them. I wouldn't be too worried about the meeting, the mortgage company probably just want a bit more information from you.
