in iva, offsetting sale of house against the debt?

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gpr

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Post by gpr » Sun May 27, 2007 8:33 pm
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I have an IVA for £23,254 (total debt to unsecured creditors is £41,900), which was entered into on 15 december 2006 i pay £496 a month. I am going to sell my house which should raise approx £15,000 profit and move back in with my parents because i am single and the interest rates and 2 children are getting too much for me financially. How do I go about offsetting this against the debt? Will I be able to reduce the amount I pay for the remainder of the debt or does it reduce the length of time I am making repayments?
Last edited by gpr on Sun May 27, 2007 8:35 pm, edited 1 time in total.
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MelanieGiles

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Post by MelanieGiles » Sun May 27, 2007 10:09 pm
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Hi gpr and welcome to the forum

Could you explain what you mean by £23,254 as I cannot reconcile those figures to your monthly payments of £496. What provision was there for dealing with your property within your IVA proposals? Did you agree to a fourth year revaluation and re-mortgage?

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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