Hi I need to sell our home and relocate for work purposes

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Andy.66

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Post by Andy.66 » Fri Sep 12, 2014 9:05 pm
Hi I need to sell our home and relocate for work purposes, I am 12 months into my IVA . My question is can the creditors ask for more than the original debt owed which was around 60k as I need to try and review what I can afford to purchase once I have paid off my mortgagee and settled my IVA any assistance would be grateful.

Thanks in advance Aj
 
 

relieved33

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Post by relieved33 » Fri Sep 12, 2014 9:11 pm
Creditors can ask for the full amount of the original debt plus statutory interest (8%) and your IP will want their fees paying too.
 
 

Foggy

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Post by Foggy » Fri Sep 12, 2014 9:32 pm
If you have the 8% interest clause (some have it excluded) many have successfully petitioned creditors to have this liability removed, so worth asking your IP if he will put forward a variation if need be.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

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Post by Michael Peoples » Sat Sep 13, 2014 2:28 am
You are unlikely to get another mortgage so have you considered renting out your existing property and renting yourself at the new location.
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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