My IVA started 3 years ago over a period of 6 years, I pay £220 per month. I have the opportunity to sell a 2nd property I own now the market has risen, leaving approx £80'000 equity. My original debt was £53'000... Would I be expected to pay full amount
It is possible depending on how the property was treated within the IVA. This could effectively wipe out all the profit when fees and costs are added and also bear in mind that there may be tax to pay on the profits which will need to be accounted for.
You need to read through the proposal and possibly have a word with your IP. You could even consider raising the funds for a full and final from family/ friends or from a remortgage or loan.
Unless you get a variation order in place BEFORE you sell the property then all of the equity will be due into the IVA unless and until 100% of the debts, interest and costs are paid in full.
By my very rough calculations your total would be say £76k less the £8k you have paid in leaving say £68 to pay. By the time you take the costs of sale out that will probably be virtually all of the equity you have.
What did your proposals say were to happen with this property?
Put forward a variation offer that if accepted states you will voluntarily sell the property and pay into the IVA would would have been received had it continued in the normal way (or maybe a bit more to make it attractive) say £8- £10k.
