www.iva.co.uk

Hi, I had my IVA approved last June (2012) following a couple of years on a DMP. All was going OK until my ex wife decided she wanted payments through the CSA rather than the private agreement we had in place for the past 5 years. they have assessed me at £424 per month, rather than the £240 we had in place. As a result there is not enough to pay - mortgage, IVA, bills ect ect.. and not sure what to do. I want to sell the house rather than fall behind with payments and end up with repossession, the IVA might stop me from doing this? however I want to propose selling the property is this something that would be considered?

Hi and welcome to the forum. I would definitely discuss this solution with your IP. There will be a restriction on the property placed when you first entered the IVA I guess that will notify your IP if you want to sell so best to discuss and talk through your options. Is there equity in the property?

Definitely worth a conversation with your IP .....seems a large increase for you to find,but i fully understand your desire to do what is right for your family.....i am sure a resolution can be found ...let us know how you get on

Thank you for the quick replies. There is equity in the property I would think after fees that potentially there is approx 7-10,000 more than I would be paying if the IVA were to take it's full duration, but less than the debts I owe (if that makes sense).

Who lives in the house? Seems like you were underpaying by quite a bit for your children but that is ringfenced so your IVA contributions would fall.