if i were to enter into an iva agreement

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jason.fe
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by jason.fe » Thu Jan 21, 2010 12:26 am
if i were to enter into an iva agreement and everything was agreed with my creditors and a monthly payment was agreed, would i have to pay a lump sum if i sold my house and there was positive equity taken out once sold.

 

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MelanieGiles
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by MelanieGiles » Thu Jan 21, 2010 12:30 am
Hi Jason and welcome to the forum

That is a possibility, but I suggest that you take direct advice from an insolvency practitioner about the very important effect an IVA may have on your home.

Is there any particular reason you could forsee which might make you want to sell the property during an IVA?

You will be required to consider refinancing the property during the final year of the IVA, but this is subject to a maximum lending of 85% loan to value, and also to affordability conditions on top.

 

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kallis3
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by kallis3 » Thu Jan 21, 2010 6:49 am
Hi Jason and welcome from me as well.

Take Mel's advice on board. We have several professionals who post on here and whose details you can find under the expert link on the left hand side of the page, or visit www.iva.com for a list of companies and reviews and you will receive free and impartial advice as to all the options open for you.
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