Full and Final

[Pbryan10]

I was on a 5 year IVA from June 2006 however due to a reduction in income , we proposed and got accepted a F and F with my IP being funded by the sale of my house. As we all know the market is slow to say the least and as yet I have had no offers. What would happen if I am unable to sell the house? Would my IVA fail? would I be able to revert to the original plan (5 years)
Thanks

[louisa.s]

Hi there,

I'm not an expert but I'm sure one will come along shortly.

I am hazarding a guess that although you have had your F&F accepted - are you still maintaining your IVA contribution? If so then I see no reason that should for some reason your house doesn't sell that you can go back to the 5 years (or if you've stopped making payments then extending your term by a year)

How long has your house been on the market? If it has been a while it might be an idea to ask the agent if there are any cheap modifications you could do to it to improve it's saleability ie paint the walls magnolia and hire a carpet cleaner to revive them? Alternatively look on the net for top tips for selling homes!

Also check with your agent to see what they are doing to market and prmote your property. If you feel that they aren't doing anything then give them their notice (ensuring that you don't lose out) and appoint a new agent once your contract with your old agent has expired.

I hope that helps and I do hope you get a sale through quickly.

Lou

[MelanieGiles]

If I were your IP, I would seek to extend the IVA to accomodate the current state of the property market. I read that you are not maintaining ongoing IVA contributions due to your previous reduction in income?

Good tips from Louisa about making it more attarctive, and if you are not going to gain anything our of the sale, I would discuss the potential for reducing the price with yoru IP.

Are you in a position to fund any ongoing payments to your creditors at present?