IVA/RX1 Headache/...what to do?

doordonotthereisnotry

I'm in a real mess if truth be told-if I skip all the how I got to's and just let you know where i'm at now-maybe someone can help out there?

40k of debt(my name,not wifes,have a joint mortgage), 2 years into 6 year IVA, missed payments due to lack of money to pay...cannot afford mortgage, looking to sell, after all costs may come away with 10k-which would be needed for a years rent somewhere...problem is the IVA has an RX1 land registry restriction so unless that goes I can't sell.

I've since decided to cancel my IVA and pay creditors directly-assuming my RX1 will be lifted and can sell house-I really can't afford to have any of the 10k go to creditors as money is needed for a years rent for my family (I explain more below..).

So in a nutshell, will my RX1 be lifted when my IVA cancels? If not can I get it canceled through a solicitor? Am I doing the right thing? Should I look into keeping the IVA (I've had a big income DROP that has not been mentioned also-continue reading) and will the IP let me sell without touching the 10k so I can get a rented property? (the reason why 10k is needed for rent is that my income has gone down £1600 net each month(change of job) and I need to have time to build a bigger income, which could take a year-which is 10k in rent-and the most I'll have in equity if I sell...)

So, big stress, big problem-ideas? Any help appreciated! Thanks.

dancingfairy

This might be a silly point but have you actually been in touch with the people who run your IVA to inform them of your drop in income? If your IVA payments were re-calculated could you afford your mortgage payments?
it's not in your IP's interests to fail your IVAa although if you have already missed payments then you might be leaving it a bit late -but better get in touch with your IP sooner rather than later to see if you can salvage the IVA?
df