www.iva.co.uk

II'm in a iva obviously and have become unemployed, I want to sell my flat to buy a house boat.will the solicitor pay money directly to my IP or do I have to do it

There will be a restriction on the title deeds, so the solicitor will know about the IVA and will liase with your IP. It is likely that they will have to hold the money to the IP's order, or pay it all to the IP.

The IP will then take out enough to pay your original debt in full, plus fees and statutory interest. If there is anything left he will return this to you.

If the full amount from the sale doesn't cover all of the above then you will have to continue to make repayments as arranged.

Hi and welcome,

You will also not be able to get another mortgage whilst in the IVA.

Thanks for replying. can I transfer the property to a friend

No -- your IP won't allow it, nor will your mortgage company.

Agree with Foggy on that one.

Can I sell it to them for the remaining value of the mortgage, I'm not trying to avoid paying i just need the money to buy the boat

Whatever you make profit wise will have to go to your IVA (minus legal fees) but because the restriction is on there then nobody will be able to buy it.

What do you mean nobody will be able to buy it

There is a possible way to work this .....

Work out how much is left to pay on the IVA (monthly payments x number of payments left + 12 payments for equity release).

Then OFFER, for the purposes of a full and final, to sell the flat in order to raise this money. It is important to stress that you will only sell if the offer of £xx is accepted as a full and final payment by creditors. If not accepted, you will not sell and the IVA will continue.

This, of course, all depends on the figures involved ... if you would have enough left over to pay the F&F as well as purchase the houseboat.

When you went into the iva you were agreeing that your ip acts as your financial supervisor.

The restriction will mean that no one can legally buy it without your ip approving.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by billy90

What do you mean nobody will be able to buy it

There is likely to be ( there should be) a restriction on the title deeds saying the property cannot be sold without your IP's permission.

I only started last October, 150 pm about 38000 left on mortgage , flat possibly worth 68000 but a decent cheap boat is about 20-25000 , I'm worried about being left penniless and homeless

Speak to your IP and explain that you are now unemployed and ask if you can have a payment break while you look for work. This will be added back on at the end, but, after the IVA is over you will still have your home, as long as you can also keep up the mortgage payments.

How does being unemployed affect paying the iva, not that I want to be unemployed. but if I can't pay mortgage i would be needing to sell.