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Posted: Tue Dec 18, 2007 7:13 am
by cat 1
Morning.
My question for today is...
'I have a 4 year equity clause. Therefore, 85% of the equity value will go to creditors.But, if I wanted to move house soon'ish, could I? Would I get a mortgage?What would happen to the clause as the equity might not be the same from a new house, or would the clause kick in earlier?'
I'm not even thinking of moving just now I'm just having a 'what if' day I think...
Cat 1
Posted: Tue Dec 18, 2007 7:26 am
by jpj
I asked my IP if I could move during my IVA and was told that my IP would take ALL my equity if I sold my house..but it might be different with different IVAs !
Posted: Tue Dec 18, 2007 7:34 am
by caraf
Cat 1. I beleive you are with Clearstart, how have they been for you ?? was your iva rejected at the meeting, did clearstart manage to pull it through for you afterwards.
Posted: Tue Dec 18, 2007 11:34 am
by Adam Davies
Hi
You would need a reference from your IP to move house and you would not be allowed to cash in any of the equity,or the mortgage payments affect your ability to pay your IVA,so the moving costs would have to be borne by yourself.However if your job required a move then your IP may be more accomodating.
Regards
Andy Davie
IVA.co.uk Spokesperson and Website Manager
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Posted: Tue Dec 18, 2007 11:35 am
by MelanieGiles
So long as you were not dissipating any equity by moving, the 4th year clause will merely transfer to your new property, but as Andy says you will definately need to get your IP's permission.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp