What happens if I sell my property during an IVA ?

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lynda630
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by lynda630 » Wed May 03, 2017 10:34 am
If an IVA lasts for five or six years but I have equity in my property, what happens if I want to sell my property during that time. Do I then have to pay the full amount back to my creditors on sale.
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kallis3
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by kallis3 » Wed May 03, 2017 10:41 am
H,

You will have a restriction registered against your property and if you do manage to sell then expenses will be taken into account and equity will be paid across and if you hit 100p in the pound plus expenses, anything left will be yours.
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Michael Peoples
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by Michael Peoples » Thu May 04, 2017 12:03 pm
You could agree an early settlement prior to selling and regardless you normally retain 15% of the equity yourself.
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Foggy
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by Foggy » Thu May 04, 2017 6:46 pm
As Michael mentions, you could OFFER to sell for the purposes og making a full and final offer -- of the grounds of no agreement to the F&F no sale !
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Lisa Thomas
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by Lisa Thomas » Mon May 08, 2017 2:32 pm
Only sell the property if an F&F offer is accepted otherwise ALL of your equitable interest will have to be paid into the IVA unless and until the total debts, interest and costs have been paid in full.
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