Did you say something along the lines of:
A. We are voluntarily selling house and from the proceeds we promise to pay in £xx and keep some of the remainder and possibly;-
B. We will also pay in x number of monthly contributions in addition to the lump sum form the property
or, probably more likely:
Did it say that your IVA is contributions based and will last for 5 years plus one extra year for the equity equating to a 6 year IVA?
I suspect that it may be 2) and what has happened is you are now selling the house (not in accordance with the IVA) which means that ALL of your share of the net equity has to be paid into the IVA unless and until the TOTAL debts, interest and costs of the IVA have been paid in full.
You have said that you told them before you entered the IVA that you were selling the house - if that was properly understood then I would expect your IVA to be on the basis of the house sale alone and not also contributions.
It sounds as if there has been a misunderstanding somewhere and I wonder if you have signed a proposal which did not accord to what you were intending....?
The answer will be in your proposals and any modifications (check the chairman report).
I'd be happy to have a quick look at it for you if this would help.
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