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hatemydebts
- Posts: 4
- Joined: Sun May 02, 2010 3:02 pm
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Hi,
We are six months into an IVA. We are looking at selling our house to try and get out of our IVA agreement. What I want to know is what the creditors will be looking for as settlement of the IVA. Will it be the original debt or the agreed amount to pay as set out in the IVA? we will not have enough left when we sell to pay selling fees and all the debts in full at the original amount before we went into our IVA.
If anyone could help and tell me the likelihood of being able to to ahead and sell and what sort of amounts they would be looking to get back that would be great. Our original debts were £27k, under the IVA they are halved but we want to sell up and rent and start again with a clean sheet.
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Shining
- Posts: 27019
- Joined: Thu Sep 20, 2007 8:57 am
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Hi and welcome to the forum. Your first port of call has to be your IP as I think s/he would be notified if you were to try and sell. I would think your IP may give you an idea of a figure too. If you hang around one of our professional posters will advise more concisely I'm sure x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi
I think that your creditors will expect the proceeds of any sale less enough for you to secure rented accomodation.
Speak with your IP and see what they have to say
Regards
Andam Davies