Hi im in my second yr of iva, i have been informed that my company are relocating quiet far away and our jobs are safe if we choose to move. I own my home and was wondering if i could sell and buy new property in the new location. If i cant i will have to me made redundant so could end up failing my iva?
Hi Katie -- from the IVA point of view, on discussion with your IP, this should be no problem. However, you will not get another mortgage whilst in the IVA.
Could you either rent out the current home and rent another in the new location, or sell up the current property and, again, rent in the new location. Your IP should agree to allow you to retain expenses and an amount for deposits on the new rental from the sale proceeds. Any surplus will, most likely, have to be paid to your creditors.
Keeping the IVA viable is a compelling reason for them to be helpful.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
