IVA Equity??

[karatekid202]

Hi there

We are in the process of agreeing an IVA. We have outgoings of £1,148.70 and incomings of £1,599.20 giving us a net income of £450.50 per month. We are currently selling our home. It has been valued at 84,950.00 (but we are hoping to receive a bit extra). As my husband is disabled, we were hoping to make our new accommodation "disabled friendly". What I am asking is this: If we make more on the property, will the creditors ask to see the proof of sale or will they be satisfied with the agreed amount of £550 per month?

Please advise

Karatekid

[IVA News]

In order to know whether the creditors will look at the extra price, you need to reply to the following;

Have you had your house valued?
How much is your total debt (rough at this stage)
How much does your mortgage stand at?

If your equity increases a little, than its highly unlikely that the creditors will take the extra money, but it may happen. But a fuller picture will be great.

Also, you could try the IVA debt help line on: 0800 197 4838

Regards