I have had to pay the morgage and secured loan since my wife left two and a half years ago as well as the iva the house has been up for sale but there is not enough equity to pay all this off I have had an offer which would pay the morgage and secured loan off and I would be left with fifteen thousand which would go towards the iva I would then move in with my new partner would I still have to pay a monthly payment I also have a final salary pension is it possible for me to pay this off outright the original debt was for forty thousand I am about four years in to this arrangement I am looking for away out or is this not possible
Speak to your IVA company - a really decent one will help you possibly make a full and final offer to your creditors based on the circumstances you have identified.
Good luck
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Once the sale completes it is likely that your surplus income will increase as you will not have a mortgage, secured loan and all the other costs associated with running a house.
If you put an offer forward based on the sale then make sure it is a full and final otherwise there is no incentive for you to do so. You could rent the property out or keep making the payments for the remainder of the term and sell the property afterwards. If you are thinking of retiring then this would wipe out any surplus but again make sure your offer is accepted before you draw any funds down.
