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| T O P I C R E V I E W |
| april |
Posted - 08 June 2008 : 01:24:24
I have an IVA which is currently in its 3rd year. Total debt of £60,000. My IP has failed my IVA and is petitionig for my bankrupcy because my partner is not prepared to allow a charge to be put on our property.
After a lot of difficulties experienced by our relationship, I have transferred the property into the sole name of my partner.
I asked my IP to meet with my creditors to agree a modification that excludes the propery from my IVA. He is not prepared to do so. I have kept up my monthly payments to date.
What are my options?
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| 2 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 09 June 2008 : 22:54:03
If it was an express term of your IVA that you and your partner signed an RX1 form thereby giving the IP a restriction over your property, and your partner agreed to this at the time but is now refusing to execute the document, then the IP is correct to fail the arrangement and petition for your bankruptcy.
Once you are bankrupt, the Trustee will have the power to overturn your transfer of the property to your partner, if the transaction did not recognise the full value of your share of the equity.
Was the property included in the IVA from day one?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| JulianDonnelly |
Posted - 08 June 2008 : 12:23:57
Hi April and welcome to the forum.
It is common practice for an IP to take a charge over your property in an IVA to be realised in year 4. In your case, you have to be careful as this property transfer could be deemed a transaction at an undervalue by the OR in a BR.
When an IVA fails, any payments made are completely discounted and the clock is re-set to Day 1 and compound interest/penalty charges are added. Therefore, it is likely that your £60k is now nearer £70k.
Given your situation, I would recommend the services of an assisted bankruptcy specialist. Brett England of England, Jackman & Spacey does a lot of excellent work in this area, as does Paul Johns of Reviva. Links to their websites are on the experts page.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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