Selling my house

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mark915

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Post by mark915 » Wed Jan 30, 2019 9:56 pm
I'm currently in a iva and I'm looking to sell my house. Do I need to contact the iva company for a settlement figure and is this usually the full amount when selling a house. Or can I make them a offer?

Foggy

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Post by Foggy » Thu Jan 31, 2019 9:02 am
You will need your IP's permission as there will be a restriction on the title (if your IP has done their job properly).

If you just up and sell they will want the balance of your full original debt and fees, plus possible statutory interest. Which could be a large chunk of your equity.

Alternatively, you could OFFER to sell, for the purposes of a full and final offer (which is based on the number of months remaining - plus 12 for equity release -- multiplied by the current monthly payment). Depending on the figures this coud be a smaler chunk of equity. In this case stipulate that if they reject the offer there will be no sale and the IVA will continue as currently agreed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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