My iva reaches month 60 in June 2016. I am considering selling my house to move in with my mum who now needs care. There is enough equity in my house to pay off what I owe to my iva - the original debt not just outstanding payments.
I know there's a sales restriction on my house, but would I be able to sell under these circumstances?
It's nice to be important, but more important to be nice!
Here is my reply to Choicoholic witht he same question.
You could consider offering a full and final settlement now and then sell the property when the IVA is over. This would leave something for you to use as a deposit should you wish to buy in the future. The danger is that the IVA would take most or all the equity and leave you very little whereas a full and final would be better for you.If you cannot raise the funds from a third party you could consider a secured loan and Shaun Vickery from Select has access to these products. Creditors normally accept these type of full and final offers leaving you with something for the future. You could even rent the property out for the duration of the IVA and then sell it but selling it now may not be the best thing for you. - See more at: http://www.iva.co.uk/forum/topic.asp?wh ... 591#577502
Thanks Michael...for some reason I was struggling to log in on my original profile, so ended up with 2 posts!!.. I have emailed Shaun to explore the possibilities you've mentioned.
It's nice to be important, but more important to be nice!
