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Posted: Mon Oct 08, 2007 9:52 pm
by mitch
Can you sell your house whilst being in an iva. I was looking over the paper work and noticed that we still have equity which could pay off our debt. We have been in iva since April this year. Regards
Posted: Mon Oct 08, 2007 11:11 pm
by mikebdomain
Yes you can with the permission of your IP / Creditors
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Posted: Tue Oct 09, 2007 9:34 am
by ray_a
We sold ours but our IP required a sum to clear the credotors which resulted in a 100% dividend and we had a problem with statutory interest.
You can do 2 things talk to your IP and tell him the information and he will come back with a settlement figure or if you prefer provide us with more info so that we can look at your position and help you! The reason I say that is your IP is there to get as much as he can for your creditors!
Good Luck
Ray
Posted: Tue Oct 09, 2007 10:53 am
by iva experts
Hi Mitch,
You may be able to sell your house and offer a full and final settlement to complete the IVA. However you will need to look at your terms and conditions of your IVA and discuss this with I.P and they can then calculate what kind of figure you will need.
Call your I.P and they can advise you further.
Best Regards,
IVA Experts
http://www.iva-experts.co.uk/
Posted: Tue Oct 09, 2007 8:44 pm
by Adam Davies
Hi
Are you talking about your IVA total amount or your total original debt and do you have the fourth year equity release clause ?
Regards
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Posted: Wed Oct 10, 2007 9:43 am
by Oliver
You could potentially sell your house but you would need to discuss this with your IP before hand.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp
Posted: Wed Oct 10, 2007 11:13 pm
by Jo Rolland
Could I just ask what equity you had and what debt you had when you entered the IVA in April as your original post would suggest you may be been solvent?
Jo Rolland
Debt Alternatives
www.debtalternatives.co.uk
Posted: Thu Oct 11, 2007 2:35 pm
by Adam Davies
Hi
If that was the case then Mitch shouldn't be in an IVA.
Sometimes people assume that their debt reduces as soon as the IVA is agreed,eg 100k original debt paying £600 per month for 60 months,36k to be paid into the IVA.So the person now assumes their debt is now 36k but as we know most of the original debt is owed until the IVA is concluded.
Regards
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Posted: Fri Oct 12, 2007 8:46 pm
by beckym
We have just put our house on the market, we started IVA in April also, due to unforseen circumstances (me being pregnant) the IP agreed for a meeting to discuss a F&F as we have equity. This thankfully was agreed last week, we are going to clear mtg all debt and IVA and move into rented..so it can be done. Our original debt was just under £60k and our F&F was £24k, so we are extremely lucky...good luck!![:D]
Posted: Fri Oct 12, 2007 8:48 pm
by Soulgrowth
That's great news Beckym ... always good to hear a success story [:)]
Debbie
www.babynamings.co.uk
www.soulgrowth.co.uk