Hi there
If your property did not sell within a twelve month period, the IVA would be extended until it did sell, however you would have to demonstrate that you had made every effort to market the property and your IP would need to see a detailed agents report. In reality, most properties do sell over this time period.
Creditors would bear the risk of a lower price needing to be accepted, after all they would face the same difficulties under bankruptcy proceedings. I do a lot these types of IVA, and they are relatively popular with creditors as they can see that they will get their money paid a lot earlier than under bankruptcy proceedings.
You would only need to make ongoing contributions in the event that you could afford them. How much do you think your property is worth, and how much is outstanding to secured creditors. Also how much do you owe to unsecured creditors in total?
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
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http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp