My house is due to be sold next Fri. It looks like there is going to be about £1000 owing to me. I made my last IVA payment in April and waiting for final review and cc to be issued. Think I know the answer to this question but will I have to pay this money over to IVA? Thanks.
In theory, yes. But only your own IP can confirm which way he/she will jump.
There is a chance that, if you went through the equity release rigamarole, the IP has declared the property as an excluded asset, in which case the proceeds will be yours. Agian, only your IP will know.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy. I didn't do the equity release because when I split my interlocking iva with my ex they took the house out as an asset and I just paid an extra year into the iva.
