I am currently 16 months into my IVA, and am due to pay back a total of £16,800. From a recent valuation I could get £175,000 for my house, with a remaining mortgage of £153,000.
With this in mind, and the amount I have already paid back and my PPI claims, if I were to sell, would the entire amount be taken from me and my monthly payments carry on, or would I be able to offer this as a full and final settlement?
I have done a bit of research on the internet and have found conflicting stories, so just looking for advice really.
If you sold your house the creditors (IVA) would require enough equity to pay back the full original debt, plus the fees and possibly statutory interest at 8% p.a simple currently. If this figure wasn't mey you would carry on regular payments until it is or the IVA reaches the agreed term.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Creditors may be happy to accept a full and final offer as they get their money earlier and they usually allow funds for relocation, deposit, rent in advance etc. However if the sale leaves you with a surplus creditors could ask for the IVA to continue so discuss the options with your IP.
