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Posted: Mon Nov 03, 2014 9:30 pm
by Timbo14
Hello

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.

Thanks.

Posted: Mon Nov 03, 2014 9:34 pm
by Foggy
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.

Posted: Tue Nov 04, 2014 9:01 am
by Michael Peoples
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.