Hi, I have an IVA with Payplan and am 1 year into it. We are thinking of moving home in the next year but would we be allowed to do this? My partners earnings are taken into consideration with my IVA but there is no reason why he cannot borrow the money we need to move. We have to sell our house and buy another. Could I have some guidance please?
Are both your names on the mortgage. Is it part of the IVA for equity at the end of your IVA. I don't know all the details about mortgages and IVAs but I really hope you are able to do all that you want
You will need to get permission anyway as there will be a restriction placed on the property.
Don't forget as well that once your expenses are out of the way you will have to pay any remaining equity across to your IVA. If it pays it off in full then any left over will be yours.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
So if equity has to be paid over now then it will be virtually impossible to move because there won't be a deposit for the next place...unless the borrowings the OP suggests run into tens of thousands of pounds? If the move does happen, does that mean the equity clause is settled or would you have to release equity again in the final year?
You would probably be allowed some money towards a deposit towards a rental property. I doubt you would be able to buy again and get a fresh mortgage at the moment.
One of the experts will advise further.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
