Hi I have an IVA. I would like to buy my council house. My family are wanting to lend me the money to buy it outright without a mortgage. How will this affect my IVA? or is it possible?
You will be required to release equity at the end of your IVA and so could lose a chunk of it's value ...not really a good idea while in the IVA.
Could these generous and kind people offer a lump sum to end the IVA early first ...then you can look at buying the house, once clear of the arrangement ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
It would seem that council house purchase is a 'no-go' whilst in the IVA, so the best bet would be to clear the IVA first and then consider the purchase.
