www.iva.co.uk

I am a year into IVA now and now looking at selling my property.

How much of the equity would be required by the IVA?. The current outstanding mortgage is £154,000. The offer made on the house is £175,000.

I imagine they would be after the lot after fees have been deducted. They should also allow you to retain moving expenses and rental deposit on a new, rented, home, but this is subject to negotiation with your IP, who will have to be informed in order to lift the restriction they will have placed on the title deeds.

I agree with the advice from Foggy. I would make sure your IP will agree to lift the restriction and that by moving you are not going to struggle to meet IVA payments.

Thanks for the replies. These facts were not made available to me when I took the IVA out, so I assumed that I could sell. The company have informed me that I would have to give them all the money, which isn't possible for me.

Can I rent my place out instead?

Technically yes you could, although you would have to check that your mortgage company allows you to do so.

Why are you selling your house? If your circumstances have changed then there could be some negotiation made between you, your IP and creditors.

This should have been explained and would have been in the proposal documents. However, when we all took out IVA's we were clutching the chance to become debt free so maybe it was overlooked by you?

No this wasn't explained to me otherwise I wouldn't have attempted to sell in the first place, but thanks for the clutching remark. I visited the forum for advice, not to be made to felt like a Wally by the people on here. Thanks.

I would definately not sell your house your most important asset. This would please the creditors to have the opportunity to take any monies you release from it. Remember this is the reason and main benefit of an IVA to protect this asset. Rent it out if you have to, as this with be the best option. Try not to make a profit and break even. That way it should not effect your set payments at present. This will at least allow you a brighter future when you finish your IVA. With a property that has increased in value that you deserve to keep after all your hard work.

I would agree with Solgar, as once off the property ladder it is next to impossible to get back on these days.

We are not here to make you feel like a wally --- we have all been there and got the tee-shirts!

I know, sorry for that I was just angry I know everyone is trying to help.

I'm looking to move as I'm a single bloke in a 3 bed house. So I don't need all the rooms, and I could save money by living somewhere cheaper and smaller. I will ask the IVA people when I'm in a better mood!

Have you thought about taking in a lodger, or two, to provide an extra income ?

On what basis is your IP company telling you that they are entitled to all of the sale proceeds were you to sell your property? Is this clearly covered within your IVA proposal, as if not then I am not sure they are advising you correctly.

you would need some of the equity, from the sale to start up again. I have just had to pay 6 months up front to cover the rent and I have my cc also past a credit check. but as my iva is on file for 6 years would not let to me unless I paid first.