question category: IVA

I have had an IVA for a year and want to sell my house.
Submitted on: 2nd Jun 2010 by Non-Member | Total Answers: 1

If I sell it to a fast purchase company, I can get enough money to pay off the mortgage but nothing left over...what will happen if there is no equity to pay of any of the IVA ?

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Re: I have had an IVA for a year and want to sell my house.

It all depends what you agreed to when you entered the IVA. For example, there may be a modification that states if you do not attempt to realize full market value during the IVA then your cash contributions will be extended for a further twelve months (common practice these days).

Your creditors may be more sympathetic if your new proposed monthly mortgage or rental cost is lower than it is now, which will free up contribution to give to them.

Your best option here is to speak to your Supervisor as they are there to work on your behalf. They will be able to give you the most appropriate advice as far as your mortgage and equity stand

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you on whether you qualify. Click here to find out more.

Submitted on: 3rd Jun 2010 by Justine Member

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