I've never really understood any of it from day 1

[RAR]

Hi,
I'm currently in my 3rd year of an iva and I've never really understood any of it from day 1.
I am selling my property due to the impact living in this area has had on my family.
I was just wondering if I sell my house how much of the equity I would be allowed to keep if any?
Once the property is sold I wont be able to afford iva payments as the cost of renting a home will leave me with barely enough to live on.
I would be happy to walk away with no money from the sale of the house, if it meant I no longer had to make any more payments to the iva.
However I would like to retain some money from the sale of the house if at all possible?

[carlmcmullen]

HI Rar and welcome

You may want to look into doing a full and final settlment.

Basically you could sell your house and use the equity to offer your creditors as a full and final payment to the IVA.

As far as retaining some of the equity then yes i am led to belive you could retain enough money to cover reasonable moving costs.

Suggest you contact your IP who know your case personally and can give you the best guidance but i dont see it an unreasonable request to settle early given you have been in the arrangment for 3 years already

Carl

[MelanieGiles]

It is disturbing to read that you appear to know little about the debt repayment tool which must be such a part of your life. Who is currently acting as your IP?

[RAR]

Firstly may I just thank you for replying to my 'dilemma'.
Melanie, The iva was explained to me over the phone, I was told at the end of 4 years they MAY ask me to remortgage for a lump sum, however this would be determined by my wage and how much they think i could afford.
I was sent all the forms in the post, I didn't understand any of it, I trusted the advice of my supervisor, signed it and sent it back.
The iva is with debt free direct.

[MelanieGiles]

Please check the terms of your IVA to see whether you are subject to a fourth or final year equity release, as you will need to get your Supervisor's permission to sell the property if this is the case.

[RAR]

I have already put the property on the market.
My husband suffers from mental illness, living here is affecting his health dramatically.
I have no option but to sell up and move, surely my supervisor would be sympathetic to my case?
What are the consequences of selling without my supervisors permission?

Thank you melanie

[Beechy]

Hi
You supervisor will have/ should have placed a restriction on the property so they should (if they have done their job right) find out you are sell in your house

[carlmcmullen]

You need to make you supervisor aware of this.

When you come to sell the property the converyancer will do a land registry search, and as Beechy says, so long as the restriction is registered then they will have to notify your IP to get there permission to remove the restriction and the supervisor would obviousley only agree to remove this restrction providing there is relevant proposal in place to deal with the equity.

The last thing you want to do is sell without the Supervisors permission the reasons you have given i would suggest are good enough for you to offer a full and final settlment.

How much equity is in your property ?

[Adam Davies]

Hi
You have a good case for a full and final settlement,so please speak with your IP.
regards

[RAR]

Thank you all so much.
I am going to phone my supervisor on monday and explain everything to him, and I shall keep you all informed.
Thank you again.

[Martin2011]

Good luck RAR, let us know how you get on...

Martin

[RAR]

I spoke to my ip today.
They told me I need to put into writing my reasons for wanting to sell my property.
The lady on the phone said I have a very good case.
She also said it isnt unreasonable for me to keep some of the money from the sale of the house.
I am actually not bothered if I walk away from this with no money (although it would be nice).
My husbands health and the general well being of my family is much more important.
So I am going to write a letter and send it off asap.
I shall keep you all updated.
Fingers crossed.
RAR

[Skippy]

Good luck RAR, as you say the health and wellbeing of you and your family is the most important thing.

[RAR]

Well its been over a week now since I sent the letter, I still haven't heard anything.
I'm starting to worry now.
I'll give them a ring on monday.