www.iva.co.uk

Hia
I am new to this forum as every search i have made does not answer my question and i am hoping you can help! i got my IVA in June 2009 so am 3 years in, from my calculations i have about 8000 left to pay in as it was 300 pound for 60 months. my mum is thinking of gifting me a house which is a remur property which is not readily mortgageable, my plan was to then get a remortgage to pay off the rest of the IVA and have some left to build the proper framework for the house and get a PRC certificate so the house is more mortgagaeable? is this makes sense to anyone could i have some advice? even if i just remortgage to pay off IVA and get a new car i would be happy! Thanks

Hi Flynn, the technicalities of acquiring the house whilst you are in an IVA apart, you might be required to sell it, you will find it nigh on impossible to raise any sort of mortgage. Please take expert advice before doing anything.

Hi flynn - welcome.

I agree with foggy. The property would become an asset available to the IVA pot, so if your Mum knows about the IVA ask her not to gift it at present!!

If there is any way you could borrow some money from family to offer a full and final amount to end the IVA early then once the closure is complete and you have the completion letter then you can start to move forward.

All good advice above.
One of our experts will be along later to give a professional opinion too.