Buying property while in IVA - cash.

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carlos456
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by carlos456 » Sun Feb 18, 2018 4:48 am
can i buy a property in cash while i'm on iva ?
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kallis3
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by kallis3 » Sun Feb 18, 2018 8:28 am
Hi,

Where would your cash be coming from? You should not have anything spare while in an IVA.
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Foggy
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by Foggy » Sun Feb 18, 2018 9:39 am
If you have that amount of cash available you need to use it to pay off your debts. You will not be permitted to buy a house.
redboxtree
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by redboxtree » Sun Feb 18, 2018 10:27 am
No - whilst in an IVA your first priority as your existing debts.

Should this happen you could find further action being taken against you.
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kallis3
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by kallis3 » Sun Feb 18, 2018 11:32 am
Is someone gifting you money?
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carlos456
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by carlos456 » Sun Feb 18, 2018 1:37 pm
The money is coming from my father in law
I given to my children to buy a auction property
The question is it. Put in my name or my children name ?
Thank you
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Foggy
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by Foggy » Sun Feb 18, 2018 2:27 pm
carlos456 wrote:
The money is coming from my father in law
I given to my children to buy a auction property
The question is it. Put in my name or my children name ?
Thank you


How old are the children ? You cannot hold the property in your name. If the children are young the property will have to be held in trust for them.
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Lisa Thomas
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by Lisa Thomas » Mon Feb 19, 2018 10:04 am
Would he be kind enough to gift you a lump sum to settle your IVA early via a full and final offer?

That way you will be free to do what you like after receiving the CC...
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