I'm New and Confused

Anondebtadvisor

They will still have a restriction over the property which will prevent you selling the property.

Could Payplan not propose a variation which would see the proceeds of the property going into the IVA in full and final settlement? I agree that it is not in anyones interest to bankrupt you.

The fees in bankruptcy will be much higher than in the IVA so the creditors would get more money in the IVA albeit the outcome for you would be the same

Darceydoo

How do I approach them on this. They seem pretty set in doing this, if creditors don't want to I think Payplan will so I can, t win here.

Darceydoo

The cccs can't talk to me as I am in an iva. Called back national debt line and they told me that I need to seek legal advice because it is rare for a Ip to petition bankrupcy!! At a loss now

NeverAgain_2

If the insolvency practitioner - or anyone else - wants to make you bankrupt there will have to be a court hearing at which you are entitled to have your say.

You might be inclined to let them do it - it will save you the fees and the official receiver will realise the equity in the house and pay your creditors, which is what you want to happen.

Alternatively, say to the judge the bankruptcy petition is a bit previous because you have not had sufficient time to sell the house at a good price, which is in the best interests of your creditors.

If the judge agrees and gives you time to sell the house, that's what will happen - his order trumps the wishes of the other organisations.

Darceydoo

Thank you. I also have my ip name and address, is it worth writing to him asking him to consider putting the iva as a charge on the house? The creditors will suffer if I go bankrupt because they will not receive 100 pence in the £ due to the OR costs. I will even put the house with 2 agents if I can just to get more interest, will do anything to sell it!! Has anyone had any experience in writing to an IP??

Mouse1812

Darceydoo wrote: »

you are not permitted to sell your property as the property will be an asset in the Bankrupcy

Utter RUBBISH. Converting the House (one asset) into cash (another asset) does no harm to your creditors.

You are perfectly entitled to sell the house, so long as you get a fair and reasonable price for it. If you then use the cash surplus to pay off ALL of your creditors then no one can make you bankrupt - because you will have no debts.

What you are not allowed to do however is sell the house for less than it is worth to a relative or a friend.

Darceydoo

Well it's on for £385k and even if I got an offer for £370k I could pay everyone off. As I said I am not in it to walk away with £1,000's, I am in it to pay everyone I owe money to which is why I find pay plans comments and intentions going against what surely the creditors want. Yes I was stupid taking out the payday loans, I had my reasons and I confessed straight away. I think this my punishment to be honest

Darceydoo

I asked pay plan why I could not sell my house and here I'd their latest reply



If you sell the house you are gifting away an asset knowing that you are possibly going to be made Bankrupt. In Bankruptcy there is a time scale where the Trustee can claim back the gifted asset.


I responded with yet again that I intend to "gift" the equity to my creditors. Am I missing something here guys because I feel as if I am banging my head against a brick wall!!

debtinfo

No your not missing anything, the advisor is a moron, i think it is time to go above their heads to the Actual IP

Mouse1812

debtinfo wrote: »

the advisor is a moron

Understatement of the week !

Don't bother with this idiot, you are doing nothing wrong in trying to put your creditors into a better position, indeed you are doing exactly the right thing.