You would need to have the restriction that has been placed on it removed and any profit from the house will go towards paying off the whole of your debt, not just what was in the IVA proposal. Anything left after that is yours although the IVA will stay on your record for the full six years.
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
It can be done if carefully handled: If you just sell up , as Kallis mentions, the creditors will be entitled to whatever equity you release to cover the full original debt plus fees and possible statutory interest.
However, if you OFFER to sell, for the purposes of making a full and final offer, based on the sum the creditors would have been paid under the terms of the IVA (plus 12 months to address equity), it will cost far less.
Be aware, though, that you will find if difficult to get back on the housing ladder as well as problematic to rent for a while.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Great advice so far in this post. One other think to consider is the possibility of raising funds through a loan secured on the property in order to make the offer of full and final settlement. You can then use these funds to settle the IVA and once that's done the property is yours to do as you wish.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
