www.iva.co.uk

Posted: **Tue Feb 19, 2013 8:29 pm**

I have a shared equity property. Can I sell it and pay most of the IVA off ?

Posted: **Tue Feb 19, 2013 8:55 pm**

Hi and welcome

You could sell it and the equity will go into your IVA, you need to check with your IP that the amount released will be enough to conclude your IVA

Regards

Posted: **Tue Feb 19, 2013 11:41 pm**

I assume that you have the usual equity release provisions within your IVA proposal Caroline - ie property revaluation and remortgage during the final year?

Posted: **Wed Feb 20, 2013 9:24 am**

My situation is a little complicated as my IVA was only approved on Monday 11th February! I found out 3 days later that I am pregnant,
I currently do not live with my partner but we have decided ifs for the best that we move to his property as it is much bigger than mine.

I informed payplan straightaway, but my news wasn’t met by a very good reception.

My IVA is for just under £15,000 (with their fees) and by selling my property I should come away with £11,000. This would significantly reduce the debt.

Payplan said they could force me to fail the IVA now, as my income will be too low whilst on maternity leave from work.

However I am not due until the end of October.

Posted: **Mon Feb 25, 2013 9:57 am**

Hi Caroline,

Sorry I haven’t responded to your post sooner, I have been out of the office for a few days.

Firstly, congratulations on your pregnancy! Secondly, there are many options for you to consider once you begin maternity leave, such as a variation meeting that your creditors must agree to. If you would like to contact me directly I can discuss this with you in more detail.

Posted: **Mon Feb 25, 2013 8:07 pm**

"Payplan said they could force me to fail the IVA now"

Is this actually what was said to your Caroline? With approximately £11,000 available from the sale of your property, I cannot see how an IVA could fail to be frank - but no doubt Gemma will pick this up for you.