difficult to maintain my mortgage and my IVA

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benjamin_n

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Post by benjamin_n » Thu Jul 03, 2008 11:01 pm
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I have currently made payments to my IVA agreement (620pcm) for the past 2.5 years. I am not sure as to the total debt as i disagreed with the interest that the majority of credititors placed upon the debt prior to the agreement, but i was desperate. I know the minimum ammount required was 43k.

I now live in Dubai and wish to sell my house, relinquish all equity to settle and exceed the 43k requirement. Can i be stopped from selling my property? If i indeed meet the minimum requirement, what is the likelyhood of my continuation with payments towards the IVA agreement. The reason this issue has arrisen is that i am findind it difficult to maintain my mortgage and my IVA agreement as the cost of living here is rather expensive.

What advise can you offer and to be candid what are my best options, bearing in mind i live in a country with no financial affiliations to the UK
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MelanieGiles

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Post by MelanieGiles » Thu Jul 03, 2008 11:03 pm
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Hi benjamin and welcome to the forum

What provision were there in your IVA with regard to your property? Are you required to have it revalued at some stage during the IVA and then seek to raise equity?
Regards, Melanie Giles, Insolvency Practitioner
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