i am on a DMP and have been told I qualify for IVA once I have sold my house which has no equity. 2 creditors put charges on my house and I need them to agree to remove them so my house sale can exchange - the sale proceeds will pay the mortgage but no more. n ohouse sale no IVA and bankruptcy will result in my professional accountancy qual being taken away. Can they refuse ? They are dragging their heels responding to my Solicitor and this putting the house sale in jeopardy.
You should be able to do an IVA anyway without having to sell your house, espcially if it is in negative equity. Is there any specific reason you have been give this advice?
Your creditors may be saying no because they know they will get next to nothing back.
I would seek further professional advice about the possibility of an IVA. Visit www.iva.com for a list of companies and reviews. They will advise you as to your best option.
I am using Payplan. They told me my IVA has more of a chance of success if I am renting rather than mortgage as rental payments are stable. Also it will free up more income to go into the IVA. I would rather move and rent anmyway.
I am in an IVA with Payplan and paying a mortgage. There was never any suggestion of us selling the house, even though our secured payments are more than 50% of our income and we have equity.
I would suggest that you see if Payplan can speak to the creditors and see if they can persuade the creditors to remove the charges.
You could always call their bluff and tell them that if they don't agree you will have no option but to go bankrupt.
i am on a DMP and have been told I qualify for IVA
Posted - 13 October 2009 : 11:40:42
