I have 1 payment remaining on the IVA. Looking to sell property that is in joint names with ex partner.Will selling now result in creditors wanting a share of the equity between last payment and issue of certificate.
Thx Andy.
I may have double posted on the forum? Would this include the Yr5 review excluding the property from any equity release? It's so unclear when one thing is written on paper and then the rules appear to change when you desperately need to move on.
If you have the usual equity release provisions contained within your IVA, then you will still have to comply with those and I am surprised that your IP has not yet raised this with you or dealt with this so far given that you only have one payment to go.
The IP presumably has the benefit of a restriction registered against the property at H M Land Registry, which will prevent you selling the property without their knowledge.
What is the suggested sale price, and how much do you still owe on your mortgage?
Thx Mel.
There is no substantial equity in the property after sale, it clears costs and leaves about 2-3k per mortgage holder (ex wife).
It does bother me that I have had valuations and because of the minimal amount of equity available the property has been excluded from the IVA in the Yr5 review.I was told that as soon as the last payment was made HM LR interest would 'drop off' and I was able to move on.
I'm one of the many who are now with Creditfix who recently took over SDS who were previously Expert Financial solutions. It's extremely unsettling when this is the third change of IP and so close to the end. They all say different things or you can never speak to your supervisor in Creditfix's case as they have not even contacted me to introduce themselves as my new firm, I've done all the chasing.
PPI has been realised all bar two non IVA creditors, but again this has not been shown anywhere on my reports from IPs, I have proof that I have paid it, it appears they don't know where it is. (suspicious, fees??) (it's in my nature, sorry).
My ex is keen to move on with her new life I'm guessing considering the amount of pressure she places upon me to sell, couple that with the need to move to care for ageing family, it's a bit stressful. All I would like is clarity, some ammo to take with me when I eventually get to speak to my IP.
Again thank you for everyone's advice.
Sometimes just chatting things through can help you see the clearer picture, fingers crossed your IVA completes quickly and you look forward to the future.
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
It is very frustrating for clients of IP firms to be transferred from firm to firm - but this is generally caused by creditors setting unrealistic fee levels for us to abide by, thus forcing some companies to have to sell their portfolios to avoid making losses. It is time a realistic fee position was struck with the main lenders, in my opinion, or else we will end up with only about 4 companies doing IVAs thus very much limiting consumer choice - something HMG and the Insolvency Service are very much against.
