I have had an IVA since June 2011. They tried to get us to take out a secured loan against our house but did not want to do that our own And no other building society would remortgage. We are now 3 months into a 6th year as agreed by our creditors. My Q is due to my deteriorating ill health it is becoming necessary for us to move to another area in order to buy a. Property outright so we have no mortgage and me not being able to carry on working full time., can we sell and pay the IVA balance off now or go we have to wait until our 6th year is up? And if so what would be final payment by our solicitors to IVA company the final yeArs payments or more? Am at my wits end as my health is suffering . Many thanks Carol
You could try getting your IP company to accept payments to date because of this.
If you sell your house now then most of the equity will go towards paying back your debts 100p in the pound plus fees and possibly statutory interest. You would be allowed to keep some to pay legal and estate agents fees but you might be worse off.
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 OFFER to sell the house in order to make a lump sum payment of the payments owing (9 Months) --- if the offer is rejected, then you don't sell and the IVA continues. To be honest, by the time they have wrapped up an offer and then you have sold the house the IVA will have nigh on completed anyway and you would be free to do what you will with it. Might not be worth the extra stresses and pressure really.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You could put forward an offer to creditors to accept payments to date in F&F instead on basis your income is changing.
If they reject then consider perhaps offering to sell the house voluntarily and paying a small lump sum from the proceeds equal to remaining payments.
Do not sell the house without a variation otherwise you will have to pay all equitable interest in unless and until 100% of the debt plus interest plus costs have been paid in full.
