www.iva.co.uk

We want to sell our house and downsize to save money. We have 3 years left on IVA. Do I have to tell IVA about this or can we just move?

Your IP will find out anyway as nearly everyone in an iva has signed a form that allows the Land Registry to notify them should you attempt to sell your house.

Any savings would be handed to creditors as your disposable income will increase anyway.

If you are struggling, ask for a review. Most IPs can reduce payments by up to 15% without theneed to go to ccreditors.

Added to the above, you will find it nigh on impossible to get any new mortgage towards a smaller house while the IVA is on file.

The fact that the equity released will belong to your creditors apart, you also have an obligation to advise your IP of any change of address ( this is usually written into the agreement ), so he would he a clue that way also.

As others say it will be nigh on impossible I'm afraid. Hopefully soon after your IVA concludes and you've the certificate of completion and got your credit files fixed, you will be able to do this, so hang in there it's not forever. All the best.

If you are insistent on selling your house before your IVA finishes the best way would be to propose a variation first - offering to pay creditors the same amount of money from the sale, that they would have received, had the IVA continued in the normal way, and for you to keep the balance.