down size to a smaller morgage using equity?

[debbie.pn]

i have been entered in to an IVA for two years now but my husband his being made redudant in june can we sell the house and down size to a smaller morgage without the iva takeing our equity that we wish to buy the new smaller house with.

[Shining]

Hi Debbie and welcome to the forum. I would talk directly with your IP. Your IP will need to knwo about your husband's redundancy too. Are you in an interlocking IVA with your husband or is the IVA only yours? x

[debbie.pn]

i am in an interlockining IVA with my husband

[Shining]

I would talk with your IP about the redundancy and your wish to downsize property. Can you transfer your mortgage? Do you have the 4th year equity clause written into your IVA? x

[debbie.pn]

Hi Lesley there is some cluase that said we should applie for the equity in the forth year but the iva people said they would not hold us to it because they wont give us any money as we are in an IVAso they may exstend it for another year

[Shining]

I would definitely talk directly to your IP debbie, are you able to do this or do you talk to a Supervisor first?

[debbie.pn]

i have a supervisor not sure what you mean by my IP?

[Shining]

Your Insolvency Practitioner Debbie. I would wait around for a professional opinion but your IP, I'm sure his/her name will be somewhere within your proposal can be contacted directly via this link. Which company are you with?

http://www.insolvency-service.co.uk/newipsearch.htm

[debbie.pn]

My insolvency practitioners are Exspert Financial solutions and my supervisors name is Martin Maloney

[Shining]

Maybe dropping him an email explaining about the redundancy and what you would like to do in respect of downsizing the house would be a starting point and find out his views on this.

[kallis3]

You can find your IP via the link that Lesley posted - try to contact your IP drect.

You will need permission to sell your property as your IP will have placed a restriction on the sale.

You would, as far as I am aware, be allowed to retain expenses from any equity for another property, but anything left would need to be paid across to your IVA.

[debbie.pn]

thankyou for your help i will give them a ring tomorrow

[Shining]

Let us know how you get on Debbie won't you x