Is my equity safe?

LJH_IVA_almost_paid_off

I have just this week requested that my iva be settled early. My dad is going to put up the money & I have offered £3000. I have 12/13 months left @ £306 so by the time it's processed that should be more or less what I owe. I have done this because I have had a builder offer to buy my house. April 2011 was end of year 4for me & I "fought" the re-mortgage modification & "won" which allowed me to keep my equity. Is my equity safe? I am hping the early settlement will make it safe but what if the builder wants it before then? My house is in a poor state of repair & I can't wait to move but there are so many "if's & but's" Can anyone offer any advice?

DebtCompanyInsider

I think you need to speak to your IVA firm to get clarification in writing before doing anything.

If you release the equity in your home prior to the formal completion of your IVA and a surplus is generated this would normally have to be paid over to help repay your debts.

Gimpsdad

If you present a case that your IP feels has a good chance then why not? Common sense dictates that if it is a fair offer then there is no reason why you should not be allowed to keep some of the money to move, pay a deposit elsewhere etc, so it doesn't necessarily follow that you would lose all of it.