My house is excluded in my IVA agreement. How will it effect me if I sell to down-size ?

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Phillo

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Post by Phillo » Sun Aug 31, 2014 5:53 pm
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I have just gone on an iva. However I have put my house on sale as I need to down size. In the agreement, it states the house is excluded. How will this affect me?
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Foggy

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Post by Foggy » Sun Aug 31, 2014 6:56 pm
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It is very unusual for a house to be excluded from an arrangement -- why was this ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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plasticdaft

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Post by plasticdaft » Sun Aug 31, 2014 7:09 pm
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Any profit would surely go into the pot I'd have thought.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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kazzafunk

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Post by kazzafunk » Sun Aug 31, 2014 7:49 pm
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I would agree. Any profit from the sale could be seen as a windfall. You may be able to keep some back for moving expenses etc. As Foggy says it's very unusual for a property to be excluded and I would check everything with your IP before you make any decisions on selling.
Kazza

Please visit my blog:
http://kazzafunk.blogs.iva.co.uk/

IVA completed 21/03/2012
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Michael Peoples

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Post by Michael Peoples » Mon Sep 01, 2014 9:18 am
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If the property was properly excluded then any sale proceeds may indeed be yours to do with as you see fit. However it is very unusual as Foggy says so check with your own IP before you do anything.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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