www.iva.co.uk

Hi , my IVA has exceeded the agreed 5years because I have defaulted payments. Can I sell my house to pay off my IVA

Hi and welcome,

Firstly you will need your IP's permission to sell the house and secondly, if you do sell it, any equity will go towards paying your total debt plus fees and possible statutory interest, not just what is remaining on the IVA.

You would be allowed to keep some to pay legal fees and estate agent fees and possible removal costs.

If you struggling with your payments, please speak to your IP to see if you can redo your I&E as it may be too high.

How many payments were defaulted? How much was the total debt and how much equity do you think there is?

Paul

Can you continue to pay to pay off any missed payments. Your house then remains safe and sound and you can sell once the completion letter is received and credit files are tidied up. At present I would guess there's a restriction on the property and your IP would need to remove this before you can sell.

All the best in whatever you decide.

I wouldn't recommend it.

If you insist on selling you house put forward a variation. I've just commented on a similar post. I will try and find and post the link.