Posted: Sat Apr 19, 2008 10:51 pm
IF WE ENTERED INTO AN IVA AND SELL OUR HOME DURING THE PERIOD WILL WE HAVE TO REPAY MONEY AND WOULD IT AFFECT OUR ABILITY TO RENT? ALSO WE RUN OUR OWN BUSINESS, WOULD AN IVA AFFECT THIS?
Hi
If you enter into an IVA you will have a clause that will require you to release some of your equity in the final year[5].If you sell your house before this you will have to pay the equvelent equity into your IVA,this will leave you funds to rent a property.You should be able to rent,no problem,but may have to put down a larger deposit.
With regards to your business you will have to include any business debts in your IVA,unless you are a limited company,and any bank borrowings.You may also have problems finding a new business account and merchant faciliies.
Have a chat with several IPs so that you are fully upto speed regarding all your options
Regards