Help: 26 with an IVA and awaiting repossession

Curly_Wurly_3

Hi everyone,

I am new to the forums so apologise if this is in the wrong place.

I recently entered into an IVA which included a potential shortfall following the sale of my property after reposession (approx 10k).

I called my mortgage lender after reciving the repo forms but they say they have no record of my IVA.

I am now really concerned that when the property is repossessed and sold, and has a shortfall - that I am liable? I'm also worried now about how my IVA people included a potential debt, how can that be if it wasn't an actual debt?

Also - my mortgage company say I am liable for the charges for processing the repo but give absolutely no indication of the costs involved, does anyone know roughly how much this will be?

I bought the property in 2005 for 69k, current valuation 75k.

IVA signed off in September 2012 and lists my mortgage company on it but I don't have a clue what to do next really.

Googling the charges bought me here, again I apologise if I have asked questions that have obvious answers.

I'm just starting to recover financially now, before my IVA I was paying £700+ in debt repayment each month, now I pay £220 and will have my first ever month of not going into an overdraft this month. I've always been absolutely terrible with my money and the mortgage is my last financial burden/worry that I have and I'm keen not to line myself up for a huge financial penalty and end up going back to the insolvency service to file bankruptcy.

Thanks in advance,
A xx

Curly_Wurly_3

Also, sorry - mortgage balance approx 69k.

Dave_Ham

You need to speak with your Insolvency Practioner urgently.

As part of the terms of your IVA your mortgage payment would have been in the primary list of creditors and to be repaid in full each month.

There should be no need for all of this action.

This also may not be the best sub forum to post, you may get some better qualified answers on the Bankruptcy and IVA board.

I wish you well and have dealt with many ex IVA clients obtaining mortgages who are so pleased they did the IVA and delighted at the end of their term to finally be debt free.

Best of luck

Curly_Wurly_3

Thanks Dave, I should have said that I don't live in the house and live 3+ hours drive away.

It is rented and the tenants leave on December 18th.

I can't afford to pay the mortgage and my rent, the mortgage payment wasn't included in my IVA as I stated I would surrender the property.

Really worried now - I'll call the IVA people

Thanks again for replying