www.iva.co.uk

8 months away from completing my IVA and I want to get rid of my house.

I am in negative equity in my house but I am desperate to sell it.

Do I have to tell GT that I have put the house up for sale or do I tell them when I accept an offer of sale? Which one?

There will be shortfall I know that for sure but I have a friend who has offered to help with the shortfall difference.

Thanks,

The shortfall should be captured by the IVA anyway and you may only need to pay in enough to mainatin the dividend [if anything at all]. This would avoid start your debt free life in debt! Discuss this with GT and see what they say.

It is also important to speak to the mortgage company and get their authority to sell and they may even cover the extate agent and solicitors costs. Thjis avoids a repossession or voluntary surrender and minimises their losses.

Get the property valued at a realistic sale price, speak to the lender and advise GT. If you still want to make up the shoprtfall plus costs from third party funds this would be a lot more straightforward but potentially more expensive.

Thanks Michael,

I spoke to my mortgage lender last week and informed them that there would be a shortfall. The house in its current state has been valued around £8,000 less on what owe on the mortgage (Interest only).

The mortgage lender told me to inform them in the first instance of any offer and they would take it from there...

I was going to wait until I have had the reply when I submit my house valuations and mortgage redemption statement soon and then I would speak to GT if I can advertise the house for sale? Not hopeful it will sell before the IVA finishes in 8 months but I guess you never know...

Thanks,