You can, but the IVA will take enough of the equity to settle the full original debt, plus fees and statutory interest.
Alternatively, you could approach your IP with the OFFER to sell the house, for the purposes of making a full and final offer --- on the understaning that if the offer is rejected then the house will not be sold and the IVA will continue "as is". The amount for a F&F will be based on the number of remaining payments (plus 12 in lieu of equity) multiplied by your current monthly payment ( which should be a lot less than a full settlement ).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
