I am 1 year into my IVA

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raf

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Post by raf » Mon Apr 02, 2007 8:37 am
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I am 1 year into my IVA and want to purchase a house. Am I allowed to do this and will they reduce my payments to compensate for the extra outgoings? I am currently a tenant and paying rent.
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Adam Davies

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Post by Adam Davies » Mon Apr 02, 2007 10:06 am
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Hi Raf
You can purchase a property whilst in an IVA but you must ask your IP for authority.The deposit for the property must come from a third party and you will not be allowed to increase your living costs hence reducing you disposible income and payments into your IVA.
Your mortgage payments must be no more than your current rental payments.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Mon Apr 02, 2007 11:34 am
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Hi raf

It is unlikely that your IP will agree to you purchasing a property if this will affect your payments - which you are suggesting it will. What are the circumstances which are causing you to want to buy a property now?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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