I am in my second year of an IVA and share my home and mortgage with my 86y old mother, my mother wants to move to a retirement home and had asked me to consider selling the home we share which I completely understand and am willing to do as am sure I can rent even if it's from a friend.
We are both on the deeds for our home.
My question is can I do this and with any profit can I pay off my IVA and just move on.
There is a way of doing this -- first of all I would approach the IP with an OFFER to sell up for the purposes of a full and final settlement on the IVA. You offer a lump sum based on your remaining payments ( plus 12 for the equity). The proviso is that, if the offer is rejected, you do not sell and the IVA continues as is. Play your cards close to your chest.
If that fails then you can still sell up, but he creditors will get the bulk of any money left and the IVA will continue, unless the sale monies cover your full original debt, plus fees and possible statutory interest ---- a lot more to spend that the first method.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
As Foggy says you must get a variation agreement in place FIRST otherwise all of the proceeds will be payable into the IVA AND you may still have to carry on making your normal contributions to the normal end date. Please bear in mind however that this will not help you with your credit rating and it will be hard to get back on the property ladder. Most IVAs are put forward so the debtor gets to keep their home. Make sure you are certain you want to give it up before going ahead with an offer.
