I am curently around 2.5 years into my IVA. I live at home with a parent who wishes to move into smaller accomodation. they have indicated to me that they would be willing to sell me the property for a fraction of the market value. Would this be possible in my current circumstances?
I don't know the answer to this, but one of the technical experts will be along to advise you shortly.
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
So long as you can get a mortgage to fund the purchase from you parent, and that those payments will be no more than you are currently paying for board and lodge. You will also be acquiring an asset, which when valued at its true valuation would technically form an after acquired asset and therefore ought to be treated as a windfall.
You will need to discuss this with your own IP to see what interprtation they put on the suggestion - and let us know as I would be interested to learn the outcome.
