Posted: Sat Sep 01, 2007 7:25 am
Hi,
We have appplied to enter an IVA & are waiting for the date of the creditors meeting.
We have debts of £29,000 & approx £25,000 equity in our house. We have tried to remortgage but haven't been able to raise enough to pay off all our debts, we can only raise £15,000.
If when in an IVA with a 4th year equity release, what would happen if we sold our house in the first year ( my Wife's Father is ill & we might move to Scotland to be nearer him)?
Are we allowed to sell the house whilst in an IVA ?
Would our creditors take 100% of the sale profits or could we keep a small amount for removal & initial rent/bond costs ?
If say £25,000 is given to creditors when our house is sold would we still have to stay in an IVA to repay the remaining £4,000 or would our IP be able to get a settlement figure around the same ?
Do we still pay the IP costs for the 5 years ?
Sorry if i'm not making much sense but my brain is all 'fuzzy' at the moment with all the stress.
Thanks in advance
We have appplied to enter an IVA & are waiting for the date of the creditors meeting.
We have debts of £29,000 & approx £25,000 equity in our house. We have tried to remortgage but haven't been able to raise enough to pay off all our debts, we can only raise £15,000.
If when in an IVA with a 4th year equity release, what would happen if we sold our house in the first year ( my Wife's Father is ill & we might move to Scotland to be nearer him)?
Are we allowed to sell the house whilst in an IVA ?
Would our creditors take 100% of the sale profits or could we keep a small amount for removal & initial rent/bond costs ?
If say £25,000 is given to creditors when our house is sold would we still have to stay in an IVA to repay the remaining £4,000 or would our IP be able to get a settlement figure around the same ?
Do we still pay the IP costs for the 5 years ?
Sorry if i'm not making much sense but my brain is all 'fuzzy' at the moment with all the stress.
Thanks in advance