Wish to sell house 3 years into IVA. House in joint name with ex-wife.

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delse1806
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by delse1806 » Thu Feb 01, 2018 11:23 am
Hi

I am currently 3 years into a IVA and I have a house to sell that is in joint names with my ex-wife. Could somebody advise on where i stand in terms of what monies i will have to give to the IVA when the sale completes.

Thank You
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Foggy
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by Foggy » Thu Feb 01, 2018 11:30 am
You will have to pay over 85% of your share of the equity if you sell while in an IVA, up to the amount of your full original debt, plus fees and possible statutory interest.
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Foggy
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by Foggy » Thu Feb 01, 2018 11:57 am
There is a "work around" possible: You could go to your creditors, via your IP, and offer to sell the house for the purposes of making a full and final offer. If the offer is refused you will not sell and the IVA will continue as bafore. Doing it this way will give you more of a share of the equity (depending on actual figures, of course), give the creditors what they signed up for and end your IVA early.
The F&F offer amount should be based on the number of remaining payments, plus 12 for equity, multiplied by the monthly amount.
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Shaun Vickery
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by Shaun Vickery » Thu Feb 01, 2018 1:45 pm
Alternatively you could consider raising money with a mortgage or loan in order to offer funds to your creditors in full and final settlement, then sell and settle the debt.
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