I have an IVA for the next 4.1-2 years.
I live in a apartment but would like a small house. I f I buy a property for the same value of my flat is this allowed. I do not have a mortgage and I own my property. But it was agreed to keep my flat as I would not be able to afford to rent on my earnings.
I would imagine that the creditors would agree, as, on the face of it, from their point of view, nothing changes. However, you would still need to address equity towards the end of the IVA, as you should already have to on the flat.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It sounds a sensible option however your IP would need to agree and and equity release clause considered fully.
Even though no mortgage you may fine restrictions on your selling or come across parts of the selling/buying process that may require a credit check in which the iva will show up.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Sounds like some excellent advice from the experts and contributors. I'd just suggest being sure of your ground and checking things out before you actually put any plan into action.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
