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my friend has an IVA and wants to move to another part of the country which would mean selling his house, if the proceeds of his house were not enough to cover what he owes what would happen.

Welcome to the forum Wendy,

Your friend would need to speak with their I.P, as they will need the I.P's permission to sell the house, especially if they have a 4th year equity release in their agreement.

How long has your friend been in their IVA? Some IVA agreements have a 24 month clause where no changes can be made for the first 24 months.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

Hi
Discuss this with your IP.If their is an equity clause in your IVA then you should be able to release this now and agree a way forward.Do not put your life on hold because of the IVA,you are certainly not tied to living in your house because of the IVA.I believe that the restiction placed at the land registry by most IPs will not actually stop you from selling your property.It merely notifies them of the sale.
Your IP is the person that can guide you.
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

Hi Wendy,
Another possible consideration for your friend is whether they intend to purchase a new property in the new location? Depending on personal circumstances, the IVA and recent changes in the mortgage market might create affordability/availability issues for a new mortgage.


Andrew Graveson
Independent Mortgage Broker & MD Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk