Can we sell property to pay off IVA?

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bridget

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Post by bridget » Mon Mar 02, 2020 2:34 pm
We have been left a property. Can we sell it and then pay off our debt which is in an IVA?

kallis3

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Post by kallis3 » Mon Mar 02, 2020 3:13 pm
You will always owe the full amount of your debt plus fees so you may not get anything back. It is classed as an asset.
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

Foggy

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Post by Foggy » Mon Mar 02, 2020 3:46 pm
You will be expected to do so --- but the sum required to pay back will be the balance of the full original debt plus fees, not just the remaining IVA payments.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lisa Thomas

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Post by Lisa Thomas » Tue Mar 03, 2020 4:30 pm
The property possibly vests in the IVA now under the windfall clause.

Who is in an IVA? Who has received the windfall?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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