Can I sell my house and if so how much will I have to give to my IVA. I have been in the IVA for 4 or so years and was looking forward to October 2014 being 5 years. I was told in January that I will have to carry on until October 2015 if I can't remortage, which I don't want to do
If you sell your house then your share of any equity may have to be paid into your IVA I'm afraid, maximum would be an amount that would repay your creditors 100p dividend
My property is worth around £300,000 and my mortgage is £170,000.
What my concern is that how can I afford a re-mortgage. My current mortgage is interest only so it is reasonable low rate, which I can just about afford.
Particularly given your mortgage position it may be possible to raise short term funds elsewhere in order to be able to make an offer of 'full and final settlement' to your creditors ie. settle your IVA early. Then you would be free to sell the property and keep the remaining equity. Whether it's suitable for you, and the amounts involved, will depend on your individual circumstances.
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It would depend on quite a number of factors including your present IVA contribution, your age etc. and assuming that you have an equity release clause in your IVA (in which case your offer would have to take this into account). Ultimately what you would be trying to do is put forward a proposal you can afford which would be enough to tempt your creditors into accepting.
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