Along wait in anticipation and letter recieved today from my potential IP.
I am in shared ownership property (50%) equity approx 35,000. Debt 42,000* approx. IP suggests if proposal submitted there would be no incentive for creditors to vote in favour of IVA.
* Creditors: Barclaycard; Lloyds TSB; Alliance & Leicester; Nat West; Egg; Student Loan Company.
Very worried now as IP suggesting that total contributions in bankrutptcy would be substantially higher than that in IVA, and therefore producing a better return to creditors.
IP suggesting that if IVA figures (£326/25p over 60 months) put to creditors there would be no incentive for them to vote in favour of the IVA agreement.
Under lease condtions, i am unable to re-mortgage on shared ownership l(as other 50% belongs to a housing Association).
Based on the above, IP believes does not have a workable proposal.
I am aware on this forum that shared ownership is not a common issue/ question. For those of you who are familiar with this type of query i would really really appreciate any advise, suggestion etc. What could i possibly suggest to my IP?
I thought IVA was introduced to protect home owners. I desperately want to hold onto my home and at the same time want to pay back my creditors the best possible return without losing my home.
I have thought about the extra year in IVA but that may not be enough?
For those who respond - THANNNNNNNNNNK You!