We have agreed to an IVa for 60 months plus the sale of our house (which we do not live in). Do Modifications in an IVA overule the "General Terms for Protocol Compliant IVA"? Only we have agreed to sell our house within the first year of the IVA due to it having 100% equity and no mortgage and this Modification was insisted by our creditors. On looking through the General Terms it says that "there should be no circumstances where the individual would be forced to sell their property instead of releasing equity" and that any attempt by any person other than me will be void? The equity in the property only amounts to £60K and does not cover all our other outstanding debts as we are in a joint IVA.
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