I am currently in my 2nd year of an iva. I have a joint mortgage and an RX1 attached. Review of equity within my 4th year. Firstly i want to say how i feel like i knew nothing about the iva when i took it out and out of desperation went along with it. However, i want to sell my home(for many reasons including living next to vile neighbours and other reasons) and move to rented accomodation. I assume i will make 20000 on the house although it is a joint mortgage and the iva is in my name alone. Will i be able to sell????? will i have to pay off my IVA?????
You will need to get permission from your IP and creditors to sell the house.
Whatever equity you gain from it, you should be able to keep some back for necessary expenses for the move, and then the remainder of your half of the equity will have to be paid across towards the IVA.
If it can pay it off in full, then great. Otherwise you will carry on paying the IVA as well until either the end, or you pay your creditors 100p in the pound, which ever is the sooner.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Make sure that if you do decide to sell your property, that you negotiate a settlement for yourself to cover removal costs, and a rental deposit - along with any items that you may need to buy for your new property.