what happens

[Ledlt]

if i own my own property what happens if i sell it within the five years?can i live abroad during the five years?what happens if i come into money within the five years?

[neverending]

Hi ledlt and welcome
To answer your questions
1]If you own a property and enter an IVA the chances are that you will have to release some of your equity in the final year of your IVA[YEAR 5]Your IP will normally lodge a note of interest with the land registery meaning that you could sell but would have to consult your IP regarding how much equity they would need repaying.
2] I am not sure on this point but cannot remember any other post that suggests that you cannot live outside the UK once your IVA has been agreed.
3] If you come into money within the five years you will have to surrender this to your IP up to and including the full amount owed plus fees,hope this helps
regards

[MelanieGiles]

Hi Ledlt and welcome to the forum

1 Generally the sale proceeds will be captured under the terms of the IVA. You may be allowed to keep some relocation costs, but would need to discuss this with your IP.

2 No problem in living abroad, so long as you maintain repayments. I have several clients living abroad at present, and you are only an e-mail away!

3 You may also have to pay statutory interest on top, which is caluculated at the rate of 8% per annum. This is a usual modification which is submitted by creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk