Help with how property is dealt with in an IVA

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kerry226
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by kerry226 » Thu Jun 07, 2018 8:35 am
Foggy wrote:
How far have you got in the sale process ?


It's in the final completion stage and I appreciate your advice I really do
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Lisa Thomas
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by Lisa Thomas » Fri Jun 08, 2018 8:30 am
You may want to urgently stop/pause the sale and get some advice.

As I said above ALL of your share of equity will have to be paid into the IVA from the proceeds unless and until 100% of your debt and interest and costs have been paid in full.

You could lose all the equity and still have to continue to pay any contributions into the IVA!

The potential way around this is to agree a Full and final variation with creditors first and pay a lump sum equal to the amount of remaining contributions, from the sale.

This should take about 2 months to put the offer to creditors and get the result.
kerry226
Posts: 11
by kerry226 » Fri Jun 08, 2018 1:44 pm
Lisa Thomas wrote:
You may want to urgently stop/pause the sale and get some advice.

As I said above ALL of your share of equity will have to be paid into the IVA from the proceeds unless and until 100% of your debt and interest and costs have been paid in full.

You could lose all the equity and still have to continue to pay any contributions into the IVA!

The potential way around this is to agree a Full and final variation with creditors first and pay a lump sum equal to the amount of remaining contributions, from the sale.

This should take about 2 months to put the offer to creditors and get the result.

Thanks I will update accordingly
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