Considering an IVA and moving

[JoanneLee]

We currently are considering taking an IVA to begin to clear debt accumulated over years due to ill health and redundancy. We have however a portable mortgage and are considering relocating nearer to family in case my health deteriorates to the extent that I need support, and to downsize our home to reduce outgoings. Would we be able to move whilst in an IVA - none of our debt is secured against the property, and we do not have to get another mortgage as we have this portable one. What are the ramifications for us? We have never yet defaulted on payments to any creditor but are fast approaching a situation where this may become a reality for us[|)]

[MelanieGiles]

Hi JoanneLee and welcome to the forum

There should be no problem in moving during the IVA so long as you do not prejudice the offer of settlement you have made to creditors - for instance by releasing equity from a sale and not using it to put a downpayment on another property.

If you do reduce your mortgage payments during an IVA, then creditors can only benefit from this, so I am sure your plan would be supported.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To appoint me as your IP visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp