HI, I have been in an IVA for almost a year and have 4 years left to repay. I own my home with my husband and have a joint mortage. Due to awful circustances (threats from neighbours and afraid to live in my own home) i really really want to move asap. I have two small children and am besides myself. Is this at all possible with this IVA hanging over my head?? HELP??
Hi Caroline. Sorry to hear about your problems and you should immediately contact your IP. There is nothing to stop you from moving and given the circumstances it may be vital to do so. If the property is sold you could possibly use any equity to fund the deposit on a new property and release equity from tthis property in the final year. Alternatively, you could offer the equity as a settlement or use it to move and pay the deposit on a rental property.
If there is no equity and there remains a shortfall after the sale this shortfall can be included in your IVA and the IVA continue on. There are a number of options but you would need to talk to your IP who has the full facts of your case. It would be helpful to have to hand as much back up as possible because your creditors will almost certainly have to be contacted.
I had a similar problem when I was in my first year of my IVA and wanted to move house. I had to reach agreement with both my IP and mortgage provider, which felt arduous at the time as there were a number of hoops to jump through. Ultimately the answer was yes and I have been in my new property for 2 years. Your IP is human and will understand your needs, but will have to back this off against your creditors needs. The main issue for me was ensuring that I could get a mortgage on the new property, which is easier said than done in today's environment. Approval from my IP was easy compared to the mortgage.
As everyone has said, speak to your IP. They will be sympathetic.
Let us know howou get on.
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
Good luck Caroline with your pending move and application for mortgage etc. With respect to your current circumstances is there nothing that you can do if you are being harrassed by your neighbours etc? Either way i wish you well and hope that you can sort this out as this must be an additional worry for you.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
