What happens if I move after 5 years of an IVA?

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nicola943

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Post by nicola943 » Thu Mar 30, 2017 4:42 am
If I moved after 5 years of an Iva could I be forced to pay any extra money . Or would it be one years worth of payments .

Foggy

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Post by Foggy » Thu Mar 30, 2017 6:46 am
Do you mean sell your property, or are you in rented accomodation ?

If rented, a move will make little difference. If you sell before the IVA is formally completed, you could lose most of the equity. In any event, before the end of the IVA a new mortgage will be difficult and expensive to obtain.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

kallis3

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Post by kallis3 » Thu Mar 30, 2017 8:24 am
Also, if you try and sell you will find you have a restriction on your house so may find it difficult anyway. As Foggy says - renting shouldn't be a problem as long as you can find a sympathetic landlord.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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