Hi, in my proposal it states that money may be raised in the final year by 'refinance or sale', am I right in thinking that 'sale' would only occur if I chose to sell and not at anyone else's behest
I don't know I'm afraid, but I think it something you need to query with your IP. Mine only states remortgage, no mention of any sale.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi
Yes as Jan states you need to make sure that you are clear on this point with your IP. The idea of an IVA is that you can keep hold of your house so you should only be required to TRY to remortgage in the final year and not sell
Regards
I would be reluctant to agree to that to be honest. As Andy says the whole point of an IVA in a lot of cases is to keep your home, so I'd be wary of having to sell in the last year if I couldn't remortgage.
That's one of the reasons I did an IVA, so that I could keep my home. If you are required to sell it, what happens if it is in negative equity? Nobody wins there and you would have to find somewhere else to live.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
A lot of older proposals had that condition but creditors normally accept a remortgage if it is best offer. Also, sometimes that was put in to guarantee a dividend if the IVA would not be accepted on payments alone so you should seek clarification from your IP.
