Can any equity in house go to creditors once IVA finished?

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joan
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by joan » Mon Feb 05, 2018 2:59 pm
I have finished my IVA last September after doing an extra year as I couldn't remortgage

I have not got closure letter yet

I have been told off friends I cannot get credit and any PPI refunded would still go to creditors, also if I sold my house I would have to give that money to creditors also, is this information correct?
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Lisa Thomas
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by Lisa Thomas » Mon Feb 05, 2018 3:25 pm
If you have had your completion certificate and your IVA is closed then you are free to do what you like with the house PLUS it seems you have already dealt with it based on the 12 month extension.

But it sounds as if your IVA is not over yet as you are still waiting for your CC. Get your IP to confirm no interest in the property and take the restriction off. Better yet don't do anything with the house until you have the CC in your hands!

PPI would be due into the IVA pot, even after you have had your CC.

Your credit rating is affected for 6 years from the start of your IVA and you will have difficulties unless and until IVA finished AND off the register (within 3 months after the CC) and 6 years has passed.
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Foggy
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by Foggy » Mon Feb 05, 2018 3:52 pm
As Lisa says, until you get that certificate you are still in the IVA and bound by it's conditions.
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