Page 1 of 1
Posted: Thu Mar 24, 2016 7:23 am
by William.59
Can i downsise. I have a house value at 175000 a mortage of 40000. Can i sell and move to a house of 135000 my mortage payments are now 1000 a month. I could repay all of my iva which is now 40000 over the remaining 48 months at 900 a month. Do you think this would be acceptable as i presently pay 200 a month into iva.
Posted: Thu Mar 24, 2016 7:44 am
by lifenoteasy
Unless you do it with the agreement of the iva company all proceeds would be due to the iva.
Don't forget that you always owe the full amount plus charges etc. until such time as you have the completion certificate.
You may also struggle to get a new mortgage as the iva will be in your credit history for 6 years from the date it was agreed irrespective of when you pay it off.
Posted: Thu Mar 24, 2016 9:24 am
by plasticdaft
What was the original amount if the debt that went into the iva? You mention paying 900 a month then 200? Can you confirm your monthly payment?
Paul
Posted: Thu Mar 24, 2016 7:05 pm
by William.59
Original iva was for 34000 paying 200 a monthby downsizing would have no mortage and could pay 900 a month
Posted: Thu Mar 24, 2016 7:12 pm
by Foggy
It might be a possibility - but the creditors could view this move as a potential minefield. It looks good on paper, but things could go pear shaped over the next couple of years and they would have lost some of the potential equity.
You would need your IP and creditors to approve.