I am selling my house and have an IVA debt amounts to 38k. Is it right that they can take out of profits 85% of profit, which in my case would amount to 106k to settle IVA. Why wouldn't they just take required amount to settle n full?
They usually hold the 85% and deduct whatever amount is due to cover the fees as Luluj has described. The balance will be returned to you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/
It may be that you can negotiate a full and final settlement prior to selling the property and conditional upon it or alternatively raise funds short-term against the house in order to do so. The latter would then leave you free to sell at your leisure.