Once an amount of debt is written off, does it stay that way. If I was to sell my house and settle the total amount of my IVA, would my IVA then be cleared. I have been in my IVA for 2 years. Thanks
If you sell your house (with the IP's permission of course!) and were able to make a full and final offer out of the equity, then your IVA would be cleared. It would still remain on your record for the full 6 years.
If you had enough money from the sale, you would be expected to pay off the total amount of your debts, not just the agreed IVA sum.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Presumably the equity you have in your house is included within your IVA proposal?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
