downsizing whilst in an IVA

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christine63

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Post by christine63 » Mon Nov 05, 2007 10:37 am
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Hello
could you tell me what the chances of being allowed to relocate and downsize our house so we could offer a final payment on the iva and clear a secured loan on the house.
we are at the end of the first year of our iva and do not have a 4th year clause in the iva.
happy to hear any advice.
we are considering this because we are finding it really hard to meet the mortgage , iva and secured loan every month.
thank you
christine63
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iva experts

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Post by iva experts » Mon Nov 05, 2007 10:49 am
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Welcome to the Forum Christine,

The best way forward would be to discuss this option with your I.P, as they know the terms and conditions of your IVA. Some creditors can put a clause into the agreement that states no variations can be held for the first 24 months.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
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Adam Davies

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Post by Adam Davies » Mon Nov 05, 2007 1:05 pm
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Hi
As you do not have the equity clause you are in with a good chance.
IVA experts is quite correct that many IVAs have the two year no variation clause but if your IP backs your offer they can put a variation meeting forward to firstly remove that variation and then to propose your offer.
It is best to offer at least the original dividend and if you can 1-2p more to ensure success
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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Andrew Graveson

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Post by Andrew Graveson » Mon Nov 05, 2007 1:20 pm
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Hello Christine63,
If downsizing will require a new mortgage it would be wise to investigate mortgages before committing too much time to the settlement idea. It seems that you will be using equity from the current sale of your house to offer a settlement. You should be sure that you will be able to keep enough of the proceeds of your house sale to have a sufficient deposit for the new property. In the current mortgage market the loan-to-value percentages on offer for people with satisfactorily conducted IVA's have gone down.

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
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