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I have an IVA, in its first year, but now look set to be 'given' a house by my parents. I will be taking over the mortgage i already pay (as I live in this house now)into my name. It has some equity in it - more than the IVA. What will my options be. Pay off whole IVA with some equity release?

Hi kateh and welcome to the forum

I suggest that you avoid having the property transferred to you whilst your IVA is still running, to avoid it being caught under "windfall" provisions. A better option for you would be to then get your parents to re-mortgage the property and provide you with a lump sum to offer to your creditors. If you have enough equity to pay off all of the creditors and the costs of the IVA, then the timing of the transfer is not an issue. Is this your intention, or would you merely like to make an offer to the creditors sufficient to persuade them to agree to an early settlement?


Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk