i live in n.i. have an iva, can i sell my house ( no rx1 signed in n.i.) to downsize and offer 50% of the mortage savings to the iva or do i have to pay off all the iva from my house sale which would not then be in my interestto move
Not sure about NI criteria but we do have an expert from McCambridge Duffy that posts on here and hopefully he will pick up on this and advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You could downsize if your lender is happy to do so and the property restriction would transfer to the new home. You would then have to agree to remortgage/ extend in month 54 as normal but your IP should not have much of an issue. Your mortgage company may be the biggest problem so discuss this with your IP.
After paying off mortgage i have enough equity to buy outright a smaller house but couldnt afford another house if iva has to be paid out of existing equity.if i can keep existing equity i would then have no mortgage on smaller house and can offer substantially higher payments to iva over next 4 years. does anyone think this is possible?
It sounds like a reasonable idea as a remortgage in month 54 is almost impossible anyway so realistically you would be looking at a six year IVA. It would require a variation and consent from your IP and creditors but given that there would be increased payments as a result of no mortgage they may agree to it. Ultimately you could just wait out the six years and then sell so what you are proposing seems reasonable.
