We are considering selling our current home, paying off our IVA

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Annie.02

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Post by Annie.02 » Wed Sep 17, 2014 9:25 am
We are considering selling our current home, paying our iva off and downsizing to a more manageable amount. If we do would be able to get a mortgage or are we better off staying put?
 
 

Michael Peoples

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Post by Michael Peoples » Wed Sep 17, 2014 9:33 am
You would struggle to find a new lender but your existing lender may work with you as the borrowings are decreasing. Speak to a broker and does no harm to speak to your lender too.
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Shaun Vickery

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Post by Shaun Vickery » Thu Sep 18, 2014 8:59 am
If you have equity in your home it might be worth making an offer of full and final settlement to your creditors before you sell. Otherwise you are likely to have to repay much more to your creditors. Otherwise it's certainly worth talking to your existing lender first.
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Adam Davies

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Post by Adam Davies » Thu Sep 18, 2014 9:19 am
Hi

Good advice from Shaun, if you sell then you may have to pay all of any equity into your IVA to clear your original debts plus IP fees

Make a full and final offer based on your house sale before putting it on the market

Good luck

Regards
Andam Davies
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