can i sell my home whilst in an iva and if i want to make a final one off payment to finish my iva from the equity in the house will this be a percentage of the equity
You can sell your house but there will have been a restriction put on the property so it can't be done without your IP's permission.
You will be able to keep back enough to pay fees to the estate agent and solicitors and to fund a rental property.
The rest will have to be paid across and if it means that you can pay back 100p in the pound then great, otherwise your IVA will continue to the end.
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
Hi! Creditors already have an entitlement to some of the equity if you have an equity clause but what you do with any equity over and above that is yours to offer as a full and final if you wish. You can sell your property but would need to notify your IP of your plans and work out how best to negotiate with creditors. Just a note of caution, you may find it difficult to buy another place to due mortgage problems and going into rented can sometimes need up to 6 months rent in advance with an iva on file (so you'd need to retain this from the proceeds).
