I need to move. Will my IVA, just started, take any costs incurred ?

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lynn892
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by lynn892 » Wed Oct 18, 2017 12:18 am
Hi. Im only into my second month of paying iva. My ex husband wants to sell the house. I need to move will iva take any costs incurred of the move. I will have to start again removals,furniture etc. Looking forward to your advice
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Foggy
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by Foggy » Wed Oct 18, 2017 6:42 am
Speak to your IP. They will usually allow the costs of removals etc, some will allow things like a deposit on a rental to come out of the proceeds. You are permitted to retain 15% of your share of equity in any event.
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Lisa Thomas
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by Lisa Thomas » Wed Oct 18, 2017 8:37 am
Bear in mind your share of any equity will have to be paid into the IVA if you own the property...
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Michael Peoples
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by Michael Peoples » Wed Oct 18, 2017 8:52 am
If there is enough equity you may even be able to settle the IVA even though it has only started. A rental property may be more expensive than your current mortgage so your ability to pay the IVA could be under threat.
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