IVA Advice

Dr_Hook

no_good_with_money wrote: »

Today we got a request to sign our house deeds over to them and its really worrying me as I didn't know this would happen. We were told we would have to release some of our equity in year four but nothing about handing over the deeds.

Normal practice is for the IP to lodge a restriction (using form RX1) with Land Registry preventing anything happening with the property (e.g. selling or remortgaging) without the IP being notified, in order to protect creditors' interests.

They certainly shouldn't be asking for the deeds!

no_good_with_money

Thanks

Will check it again when I get home.

In_Search_Of_Me

I knw its REALLY hard whe you feel sick with panic (see my diary end of last week!) but dont do anything yet. Wait for CCCS to call, or ring them back, and get their advice first. Just think f all the loans, cc;s etc we've all got in the past. If we'd all just stopped to have a calm think we probably wouldnt be where we are now! We have all (pretty much) been foolish and now is the time for rational, informed decisions that will hold us fast in the long term. You can do it me lovely - hang in there! We're all rooting for you (unlikethe sheister IVA co who just want to make loads of money out of you! Unlike CCCS!!). Big hugs!

jessegee

I felt like you do, in a panic to get something arranged, dont forget though that your IVA company is a company, they make money out of setting this up for you

I wish we had sorted things out direct with the creditors, try this first, 5 years is a long time to be very poor, and if jobs or income may look up in the furture, you may be better off retaining your own financial choices

They do insist you release equity from your house, but we live in a mobile park home, and you cant re mortgage those, so we are having to have a loan in the last year. I have not heard of them having the deeds though, no way?!

stay calm, dont panic, work out what you owe to who, and start to negotiate
If they will accept half what you owe through an IVA, they may accept direct from you, I wish we had seen an independant financial advisor or been able to go bankrupt, but we love our jobs .
Good luck , dont let them frighten or upset you, and if you havent had a proper meeting at a hotel somewhere and you havent fully signed you are not on the scheme yet and can walk away with your pride in tact ready to be treated like an adult with a sensible plan

jessegee