Hi there, I'm hoping someone can give me some advice please. I'm in the 4th year of an iva and have been trying to sell my flat for 3 years in order to find somewhere bigger. I have received an offer but its around £1500.00 short of the redemption figure required to clear my mortgage. I contacted my IP who stated that if I accept the offer, then the £1500.00 deficit would be added to the amount I owe to creditors as it would be seen as a "debt". Is this normal practice whilst in an iva?
Well legally it is what would happen, but on grounds that you are going to be creating this debt out of choice rather than necessity, I do not think that the other creditors will be too happy.
The reason for moving is that I currently live in a 1 bedroom flat. My daughter comes to stay with me at the weekend so I would prefer to have to 2 beds instead of 1.
I have been advised that if I was to receive an offer on my flat whereby I break even then no money would be owed to creditors. Might just have to hold out for a better offer it seems...
