If we cannot sell our property abroad ?

[Sunflower1]

Hi, we have an agreement with our creditors to sell our house, as it has 100% equity and they require this, but it is not in this country and we are currently in rented accommodation as we do not have a house in this country. If we cannot sell the property abroad within the 4 years we have left on our IVA, what will happen?

[Michael Peoples]

This should be addressed within the terms of your proposal. Usually if the property cannot be sold within a certain timeframe it goes to auction and creditors are bound by the receipts.

[Sunflower1]

Thanks Michael. Not sure how this would work as the property is abroad though, as I presume the auction would be an English one? Anyway, we will have to cross that bridge etc, thanks once again!

[Michael Peoples]

It could be auctioned at home or abroad depending on which would raise the most funds the easiest way. Hopefully it sells in the normal manner.

[MelanieGiles]

Is the property abroad generating an income for you at present, and what are the associated costs involved in hanging on to it?

[Sunflower1]

Hi Melanie, No, we cannot let it out to earm any income, as it still needs work done on it, i.e. roof repairs and decorating etc. We still have to pay all the usual bills, taxes etc.

[Broke of London]

Hi - I hope you manage to sell it soon. It must be a worry for you with all those extra bills. If you don't benefit from proceeds anyway, would you consider auctioning it now? x