Can i downsise. I have a house value at 175000 a mortage of 40000. Can i sell and move to a house of 135000 my mortage payments are now 1000 a month. I could repay all of my iva which is now 40000 over the remaining 48 months at 900 a month. Do you think this would be acceptable as i presently pay 200 a month into iva.
Unless you do it with the agreement of the iva company all proceeds would be due to the iva.
Don't forget that you always owe the full amount plus charges etc. until such time as you have the completion certificate.
You may also struggle to get a new mortgage as the iva will be in your credit history for 6 years from the date it was agreed irrespective of when you pay it off.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
It might be a possibility - but the creditors could view this move as a potential minefield. It looks good on paper, but things could go pear shaped over the next couple of years and they would have lost some of the potential equity.
You would need your IP and creditors to approve.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
