IVA Early Settlement by Selling House

TFN

Hi,

Sorry if this has been covered elsewhere, I couldn't find anything on it.

I am considering settling my IVA early and one option is to sell my house and use the equity to pay it off.
Does anyone know if this is possible, could I pay off the full IVA amount and come away with the rest of the money (if there is any) or will the creditors want al f it?

Thanks!

milliemonster

You will have a restriction on selling your house meaning you will need your IP's permission before you can.

As for the equity realised, unless there is enough to pay off the full amount of debt that you owe plus IVA fees (not just the amount your IVA was agreed upon) then I'm afraid it would just be swallowed up by your IVA and your IVA would continue until you had either cleared the full amount of your original debt, or completed the term.