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Posted: Mon Mar 03, 2014 11:02 pm
by Sleepin better
Hello, I'm new to the forum and would appreciate your help/advice. My wife and I have a joint iva with 3 years completed. We want to move home but our realistic selling price won't allow us to pay all of a second charge on our home. Will the shortfall of the second charge be brought into our iva?
Posted: Mon Mar 03, 2014 11:37 pm
by MelanieGiles
Hi there and welcome to the forum
Are you intending to move into rented accommodation, and do you have the secured charge holders permission to sell?
Posted: Tue Mar 04, 2014 1:11 pm
by Sleepin better
Hi Melanie
We intend to move to rented accommodation in another town (work is forcing the move). I have spoken to the charge holder and explained to them if we dont move then our only option is bankruptcy. They have then said they would consider a settlement offer. We have no issue paying over whatever is left after the sale but is that showing preference?
Posted: Tue Mar 04, 2014 10:47 pm
by MelanieGiles
The shortfall to the secured creditor is included in your IVA, so you would not be in a position to negotiate a separate offer for them. I do think that you need to get this issue resolved, before you find a buyer for your property to avoid being disappointed. I have often seen a secured lender block a sale, for very uncommercial reasons.