I entered in to an IVA 2.5 years ago. Not realising fully what this meant at the time, I agreed to pay £1000 every month (I didn't realise, I could negotiate...). I'm half way through the arrangement and as you would expect, I find the amount stressfully burdensome. I'm surprised that I haven't gone mad quite frankly, (despite my user name, I try to remain positive!).
The question I need to know is: I am part of a shared equity arrangement regarding my property, i.e part buy, part rent. The equity that I own is 50% and the other 50 % belongs to the housing group. My IVA has the 4 year clause which states that I must remortgage in year 4. I part bought the property 5 years ago. I am restricted by a clause in my IVA not to sell it. However, there is no money to be gained by keeping the property because if I were able to remortgage, it would work out to be a lot more expensive in the long run. Besides, I don't like the area where I live anymore (too noisey)so I have no sentimental attachment to the property.
I also have 3 months to go before my fixed term mortgage agreement comes to an end and I will have to enter into a new arrangement for another 5 or 3 years. This might sound a bit of a stupid question, but is there any way I could ask my IP to remove this clause, try and sell the property and continue to pay a reduced amount each month for the balance of my IVA agreement?
