Reading elsewhere on the forum it seems if I ask my IP to remove the restriction once I have made the final payment they could do so, is this correct? Or am I liable to pay monies from the sale into the IVA even if they are needed for future purchase. Because of my poor health I need to move closer to family and friends who could help me
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poppy13 wrote:Hi Linrog, I don't understand your reply. My final payments include an additional year in lieu of not being able to remortgage. If my equity were then paid into the IVA it would have been taken into account twice, which surely is not correct. As I will have no income after the final payment other than a small pension, I need something to live on! By September I will have paid just over £101k into the IVA (plus £20k plus of reclaimed PPI) against an original debt of £106k, of which a significant amount will have gone into fees. I know interest would have accrued on the original debt but I think I have tried to pay back as much as possible. Is it possible to get an informed view from one of the IPs on the forum? Many thanks.
Poppy -- Linrog is correct in that, if you sell whilst still in the IVA, with no agreement otherwise from your IP, the creditors could demand the proceeds. The object of the 12 month extension was because you could not release equity on the property. If you turn around and then DO release the equity by selling they could say that you could have done that instead of the extension! You have to look at it from their point of view -- they are losing a lot of money and, so, might object if you come out "on top". The equity will not have, as you say, "been taken into account twice", as the 12 months extension is likely to be far less than the amount of equity available, so the creditors have accepted a token 12 months instead.
Now, getting agreement to sell and then the actual process of selling would probably take longer than you have left on the IVA anyway! So it might be just as well to sit it out.
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