Please Help....insolvency practioner scam?

Snowhite

Hi,
can anyone help me?

i'll try to be as brief as i can! my husband was a sole trader & unfortunately had to enter into an iva at the beginning of the year. He owned the premises & therefore it was agreed as part of the iva agreement that the premises would be sold to release the bank's money for the mortgage & the remaining equity of £17k
The insolvency practicioner arranged the estate agent & the estate agent valued the property at £100k this was far lower than we thought it was worth as we bought it for £100k 4 years ago so we insisted it was put up to £130k (the estate agent even got a bit shirty, saying that we'd never get that for it)
anyway, before the for sale board went up & sales leaflet had even been printed we had a call from them as they had a potential buyer, the next day the sales board was put up & we had a passer by call in who was also interested in buying it. Both parties put in an offer (direct to the estate agent) and after a bit of a bidding war strangely enough the 1st party bid £500 more than the passer by.

we later found out that the 1st party is a close personal friend of the estate agent & also used to be employed at the same insolvency practioner!

My husband & i think that the "valuation" was seriously under because they wanted their friend to get a cheap deal.

I suppose that doesnt matter so much now as due to the second parties interest we got the price we wanted anyway. But our problem is now the insolvency practioner is chasing my husband to re-mortgage our home by a further 20k (we cant afford the repayments as it is let alone increase them!) We have asked them if this cant be waivered as they have now got 34k more than they originally estimated in the agreement due to my husband putting his foot down over the valuation figure.
The practioner has said absolutely not & that he will fail the iva if we dont remortgage (which will mean we will lose the house) we have a 2 year old child so we are desperate to hang onto the family home if we can.

to make matters even more complicated a few months ago we were planning on getting a divorce (all due to the financial/emotional strain we've both been under) & i had my name registered on the land registary for the house (the mortgage is in hubby's name only) which basicaly means no one can sell it or remortgage it without my consent. Not that my husband would, everything is fine now. But insolvency practitioner is peed off & is threatening to fail the iva.

can anyone offer any advise? we feel we are totally at this guys mercy!

thanks

Mike_St_Helens

Can he do this ?

there is a great forum that will be more specialised here :

http://www.debtquestions.co.uk/debt_forum/

Register and post in the IVA section, there are a lot of knowlegable and friendly people there... Some of us from here moonlight there on occasions !!

Mike

Snowhite

Thanks Mike,

have registered twice but still don't receive the confirmation email from them to log in (

Since my last post the supervisor has informed us that he is going to fail the iva

lynzpower

iS THE ESTATE AGENT A member of the EA trade association? If so report thme.

It all sounds dodgy to me

Dr.Shoe_2

Snowhite wrote:

Thanks Mike,

have registered twice but still don't receive the confirmation email from them to log in (

Since my last post the supervisor has informed us that he is going to fail the iva

So what? The worst that can happen is that he'll go bankrupt and it seems that he's already sold his assets as a condition of the IVA so that will only be a formality.

I suggest you talk to Payplan because they have a Insolvency Practitioner department who should be able to advise you.