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Posted: Mon Jan 26, 2015 10:01 am
by JamieM
I made my final IVA payment in December, there was insufficient equity to remortgage at month 54, and the administrators have confirmed that no additional payments are due and my case is with the closure review team. The question is, now that I've made the final payment, but am awaiting formal closure, am I still bound by the agreement, e.g. can I put my house on the market without approval or query ("how can you sell with negative equity?" - trying my luck with valuation is the answer)?
Posted: Mon Jan 26, 2015 10:09 am
by Shining
Hi, I would imagine your property has a restriction on it RX1 placed by your IP, talk to your IP as this is usually lifted I believe when all payments and the IVA is 100% concluded.
Posted: Mon Jan 26, 2015 10:56 am
by Michael Peoples
You could sell the property and if there is a shortfall it would be bound by the arrangement. If you can just clear the mortgage and the costs of sale there should be no problem either and any small amount left could fund relocation. Have a word with your own IP but it does not sound like much of an issue.