selling our house to pay off secured loans?

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lyn.p

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Post by lyn.p » Mon Aug 27, 2007 3:49 am
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WHAT IF WE DECIDED TO SELL OUR HOME TO PAY OFF OUR SECURED LOANS? WOULD WE STILL BE ABLE TO KEEP THE IVA SO THAT WE COULD CONTINUE TO PAY OFF OUR UNSECURED DEBTS WITH OUR CREDITORS?
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catullus

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Post by catullus » Mon Aug 27, 2007 8:00 am
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If you are in an IVA, this would certainly be possible, but it probably would be necessary to seek a variation to the proposal.

I'm sure that the creditors would support such a variation because it would mean that they would get more money back, earlier (I'm assuming that there is equity in the house), but it would also be your opportunity to revisit you income and expenditure taking in to account the costs of sale and your new expenses going forward (rent, different travel cost etc)

If there was negative equity in the house it probably wouldn't be a very sensible idea to sell at the moment.
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MelanieGiles

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Post by MelanieGiles » Mon Aug 27, 2007 10:28 am
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Are you already in an IVA? And if so do you that a final year equity release provision?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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