Posted: Tue Jul 31, 2007 2:49 pm
my ip said that on the last year of mny iva period i will get the equity of my property to pay the remaining amount of my iva,what if im going to sell my property before my iva period ends?
Hi there
You will need to discuss the reasons for wanting to sell your property with your IP. If you are intending to purchase another property, then the equity release clause will transfer to the new one, but you must be careful not to affect the amount of equity ultimately to be available to your creditors. Can I ask why you are intending to sell the property? And whether you intend to purchase or go into rented accomodation?
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