Hello
My husband and i have been in an IVA for three years now. We owed just over fifty two thousand pounds. due to reclaimed PPI's and paying a monthly sum each month we have paid in just over thirty nine thousand pounds. Due to health reasons i am leaving work at the end of March. We have a mortgage[interest only]which ends in two years. we are both in our early sixtys,so will have to rent somewhere. our plan was to sell the house to make some money, about forty thousand, offer the IVA company twenty five thousand is this too much and would it work. thank you
It would work but make sure you get any offer accepted before you sell.
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.
Don't forget there will be a restriction on selling it registered at Land Registry so you would need to get your IP to remove that.
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 can offer to sell the house and pay over some of the equity in F&F settlement however make sure this is done and agreed BEFORE you sell the house or the whole amount of equity will have to be paid in.
Before you decide to sell the house, make sure you can afford future rental sums as monthly rentals are very high now and seem to be ever-increasing. Also, be aware that there may be other obstacles when you try to rent - eg being asked for a financial guarantor when you try to rent if you have settled your mortgage (as happened to us when we sold our property and tried to rent several years ago - before we had to go into an IVA - it was a shock to be asked to provide a financial guarantor when we had been financially independent all our adult lives). There might be an impact on renting from having the IVA on your credit rating too. Might be worth a chat with a local rental provider to see what the exact position would be.
