We are moving abroad to work and are selling our house can we continue with the IVA payments or do we have to pay our balance off with the equity from our house
If you sell the house the IVA will take nearly all of the equity, leaving you with very little with which to start again in the new country. Unless this covers your full original debt, plus fees and possible statutory interest, you will also have to continue the IVA payments until such time as this figure is achieved or the IVA comes to term.
Depending on how far you are into the changeover you could, playing your cards close to your chest, OFFER to sell up in order to make a full and final offer ( months left plus 12 for equity multiplied by the monthly payment. This figure would be a lot less than losing all of your equity. The proviso for this offer, as far as your IP is concerned is that, if the offer is rejected, you will not sell and the IVA continues as normal.
Once the F&F is accepted, you sell, pay the agreed offer amount and close the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with Foggy and you could also consider renting out the property until the IVA is over. This could protect the equity if creditors demanded it all now.
If you sell the property without an agreemenet from the creditors ALL of your equitable interest will have to be paid into the IVA AND you may still have to carry on paying your contribution (unless and until 100% of debt, plus interest plus costs are paid in full.
Instead put forward a variation to voluntarily sell the property and pay a sum near or equal to the amount that they would receive if your IVAs continued in the normal way (plus the years extension)
If the variation is approved then you can sell it otherwise you are risking losing it all.