IVA & Selling house

symesd

Hi,

We are 21 months into our IVA and hoping to sell our house soon. We will be going into rented accommodation if we are able to sell as no chance of a mortgage.

We are hoping to have some equity to pay off our 2nd mortgage and then have enough money left to offer Full & Final Settlement to pay off our IVA and still have enough money to pay our deposit for renting and give us some money to buy essentials which we have not been able to afford whilst on the IVA such as new beds, wardrobes, fridge/freezer etc.

What are the chances - we have about £12500 left to pay over the remaining 39 months and wondering what would be an acceptable offer .... we think we will have about £41000 equity to pay off £15k 2nd Mortgage and the rest for IVA (£12500) and resettlement/rental fees.

I have been off work for last 2 months with stress & heart problems and do not think I can continue to work full time so hoping to reduce my hours at work if able to sell house.

Any suggestions

Thanks

foxy-stoat

I would speak to your IP before you do anything, seems silly to chuck away your equity like that.

You get get free fridges and freezers from freecycle or cheap ones from ebay or preloved.

PS, this is a Bankrupty board, you should post on the IVA section.

National_Debtline

Hi symesd


It sounds to me as though you may need to seek a formal modification of your IVA so that this plan can be carried out safely. If you were to simply sell without any prior discussion with your insolvency practitioner, they might be able to claim a much greater share of the proceeds than you are hoping to give them.


Dennis
@natdebtline