II'm in a iva obviously and have become unemployed, I want to sell my flat to buy a house boat.will the solicitor pay money directly to my IP or do I have to do it
There will be a restriction on the title deeds, so the solicitor will know about the IVA and will liase with your IP. It is likely that they will have to hold the money to the IP's order, or pay it all to the IP.
The IP will then take out enough to pay your original debt in full, plus fees and statutory interest. If there is anything left he will return this to you.
If the full amount from the sale doesn't cover all of the above then you will have to continue to make repayments as arranged.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You will also not be able to get another mortgage whilst in the IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Whatever you make profit wise will have to go to your IVA (minus legal fees) but because the restriction is on there then nobody will be able to buy it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Work out how much is left to pay on the IVA (monthly payments x number of payments left + 12 payments for equity release).
Then OFFER, for the purposes of a full and final, to sell the flat in order to raise this money. It is important to stress that you will only sell if the offer of £xx is accepted as a full and final payment by creditors. If not accepted, you will not sell and the IVA will continue.
This, of course, all depends on the figures involved ... if you would have enough left over to pay the F&F as well as purchase the houseboat.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
When you went into the iva you were agreeing that your ip acts as your financial supervisor.
The restriction will mean that no one can legally buy it without your ip approving.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I only started last October, 150 pm about 38000 left on mortgage , flat possibly worth 68000 but a decent cheap boat is about 20-25000 , I'm worried about being left penniless and homeless
Speak to your IP and explain that you are now unemployed and ask if you can have a payment break while you look for work. This will be added back on at the end, but, after the IVA is over you will still have your home, as long as you can also keep up the mortgage payments.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
