🗳️ ELECTION 2024: THE MSE LEADERS' DEBATE Got a burning question you want us to ask the party leaders ahead of the general election? Submit your suggestions via this form or post them on our dedicated Forum board where you can see and upvote other users' questions. Please note that the Forum's rules on avoiding general political discussion still apply across all boards.

iva questions. newby

Options
hi
im about to go to the cab and speak to the national dept line about an iva ive 50k of debt, mainly due to a remortgage on the house. about 5 years ago. i just have a few questions.
if i get an iva then sell my house, current value is 330k and i owe 265k i pressume the money i get off the house will go to pay the debt off? im fine with this, its my mess and ive done this so paying back what i owe isnt an issue. however if all the debt is payed off say in the ist year of an iva( is that possible ?) then will the iva be finished or will it stay for the 5 to 6 years? or i suppose the bigger question is am i allowed to sell the house?

thanks

Comments

  • trudij
    trudij Posts: 1,905 Forumite
    First Anniversary Combo Breaker
    Options
    It will stay on your credit file for 6 years, regardless of when you finish it... If your re-mortgage is most of the debt though, im not sure if that counts towards it at all - im probably wrong,but I thought that only unsecured debts are counted in an IVA ??

    Im sure a couple of the people who work in the world will be able to help you more than I can - all im sure about is that if you start an IVA, it wont come off your history till 6 years on...

    good luck !
    Do not meddle in the affairs of dragons, for you are crunchy and taste good with ketchup
  • skintmecol
    skintmecol Posts: 14 Forumite
    Options
    thanks for the advice.
    btw the 50k is loans and credit cards, not the re mortgage. so the iva will be for this not the mortgage. so if i sell my house hopefully this will clear he debt. i do have equity in the house (around 70k)however not sure how the release of equity in the final year will happen as its allready been r-mortgaged :( im sure the good people at the national debt line will help me clear this mess up :( fingers crossed
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 8 Election 2024: The MSE Leaders' Debate
  • 343.9K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 236K Work, Benefits & Business
  • 609.2K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards