What happens if we are not able to contribute equity into our IVA ?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
catherine693
Posts: 1
by catherine693 » Sun Nov 19, 2017 6:11 am
We are in an IVA which expired in July this year. We agreed to sell our house and use some of the equity to pay into the IVA, we have not managed to sell our house and wondered what will happen now? Thanks
User avatar
kallis3
Forum Expert
Posts: 72036
Contact
by kallis3 » Sun Nov 19, 2017 8:22 am
Hi,

I suggest you give your IP a ring and take advice from them, they should be able to help you.
User avatar
Foggy
Forum Expert
Posts: 24139
Contact
by Foggy » Sun Nov 19, 2017 9:58 am
If the agreement was specifically to sell the house then the creditors will be asked to vote on a variation to remove this stipulation and replace it with the more usual equity release clauses. This might see you having to take a secured loan or a 12 month extension to IVA payments.

If you have understood the clause correctly ( which would make it an unusual clause to have ) then your IP has his or her own way of doing things and will be the only one who can advise, given that they know the full circumstances which brought this clause into being.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Bing [Bot], Google [Bot] and 16 guests