Hi,
I've had my IVA since Nov 2011 and am now currently in the process of selling my property which is included in the IVA. Payplan are aware of the sell and I look set to end up getting about £3200 in equity. What I would really like to know is where do I stand with this as I have tried seeking advice from Payplan but without much help. Is it likely that I will have to give all the equity to my creditors and carry on with the IVA or is there a chance I can offer and full and final settlement? If so what is a realistic figure to offer.My original debt was £15700 and I currently have £3695 left to pay towards the IVA. Any advice would be much appreciated.
It may depend on how your surplus income is affected after the sale. If it increases you may be expected to increase payments but if it decreases you may be able to close it down. Alternatively a variation now offering a full and final settlement could be accepted so go back to your IP who should be a lot more helpful.
It is really not possible for us to advise you on the forum, as we have no detailed knowledge of your case.
I am saddened to read that you do not appear to be able to get any assistance from your IP - the firm who are often recommended by creditors. I suggest you escalate your query up the food chain until you can find someone prepared to take the responsibility of helping you. Selling a house is stressful enough, without not knowing who is going to have a claim over the eventual proceeds - and how you could use these to your advantage, and ultimately that of your creditors.