I recently was accepted for an IVA can you tell me if I sell my house and have equity to pay off IVA before it ends will I have to pay a sum plus interest to the companies I owe to,or would it be best to wait till IVA complete.Thankyou
Hi Julie and welcome to the Forum.
If you are already in an IVA and wish to sell your property you would need consent of your IP and the creditors. The creditors would want equity but normally allow you to retain removal expenses, deposit etc.
If you are not in an IVA yet you should discuss these matters with your IP beforehand. If you intend to sell your property it may be an option to do so and offer a full and final one off IVA.
my understanding is that you owe the creditors the full amount right up to the end of the IVA so unless the sale of your house covers your total debts plus the IVA company fees it might just be classed as a windfall and all have to be passed to the creditors. I am sure an expert will be along soon to give you correct info
Ooops to late I was beaten to it, those pesky experts can type quicker than me. [:D][:D]
Last edited by Pandy on Mon Jul 26, 2010 1:36 pm, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine