www.iva.co.uk

Hi there

i am married to an american citizen who is here with me in the uk i own my own home ( currently in neg eq) i want to go with him obs if i do make any money from the house i need it to make this move eventually.

these are my questions... if i did make a little money would it have to go back to the iva even if i was still paying out of my wages. they would take my cash unabling me to emigrate?

If so could i rent out my house and carry on paying abroad from my wages there?

Also if i wanted to move from here into a smaller property thus meaning i could save cash to emigrate plus pay more on my monthly payments to my iva could i do this?

currently about to finish my first year! 4 more left.....

Hi and welcome
It will be hard to save any money whilst in an IVA as any reduction in expenditure will have to go into your IVA by way of increased payments.
If you sell the house and have a surplus this would have to be paid into your IVA.
If you are in negative equity why not consider bankruptcy ? You could probably keep your house if a third party could buy it from the Official Receiver for a nominal one pound. Then you could rent out the property and emigrate. Another option is to hand the house back, declare bankruptcy and have a fesh start
Regards

Was the property excluded from your IVA or do you have an equity release clause which kicks in at the end of the IVA?

Hi there bankrupcy is not an option a) due to needing this house to live in and i put my inheritance into it...and B) i do not want my mother and father to know about my IVA and i wont be bale to go to the states if i am bankrupt!

i have to prove i have savings when i leave to support myself while i find a job.

ps...thanks

P.P.s - Yes i have the clause that kicks in at the end.

You could declare bankruptcy once you move to the States. It would cost slightly more and you would either have to come back, or appoint a power of attorney, but it is possible as long as it is done within three years of you moving out there.

Thqanks for info but bankruptcy is not an option like i said i have all my cash lockid in that house i know its neg now but eventually it wont be it will be a waste to then lose it especially as now the IVA is working for me.

I think maybe i will wait for 5 years then go ill still only be 35!

at least whatever happens then if i can remortage ill be debt free then i can rent house out...amd if not i can rent it anyway then be debt free in a year and carry on apying the last year abroad.

If it is in negative equity and you buy the BI, the house is taken out of the bankruptcy and won't be touched at all.

You would be discharged after a maximum of 12 months and may have to pay an income payment agreement for 3 years, but that's all.

Don't forget that your credit record will be shot for 6 years, so it is unlikely that you will be able to remortgage until after then.

Hi jan forgive me as im still getting to grips with everything what does this mean?

If it is in negative equity and you buy the BI


also would BR affect my job?


i work for the council.

Hi,

If your property is in negative equity, the official receiver will not be interested in as there will be no money left for creditors if it is sold.

A third party can buy out the OR's interest for £1 plus £211 court costs and the house is safe.

Meant to say as well - whoever buys the BI does not own part of your house.

I see....how do i go about looking into this? A 3rd party as in ?

Excuse my typo's im feeling a little erratic today !

It can be anyone you know. I think, but I'm not 100% on this, that if your hubby isn't going bankrupt, he can do it.

My hubby could do this as he is not on my mortgage and not in any debt at all he is very good with money...hmmm i wasnted to put him on the deeds anyway as when we go the states it would look good for him to to have assests behind him as he gave up everything to come here for me for the last 3 years.