Iva

[GirlAloud]

Soon to be entering an IVA for unsecured debt.

 

As a result of ongoing divorce, I MAY at some point have to sell my house. As a result of negative equity, there may well be a shortfall in terms of settlement of a secured loan. Once the house is sold, it is my understanding this shortfall will become unsecured. My question is would it be possible to amend IVA to include this amount? It is possible selling the house may also free up some further income to contribute to IVA.

[Wintry]

Soon to be entering an IVA for unsecured debt.

 

As a result of ongoing divorce, I MAY at some point have to sell my house. As a result of negative equity, there may well be a shortfall in terms of settlement of a secured loan. Once the house is sold, it is my understanding this shortfall will become unsecured. My question is would it be possible to amend IVA to include this amount? It is possible selling the house may also free up some further income to contribute to IVA.

 

Hi, Difficult to answer your questions on what you have posted so far -Can you elaborate a little further on what you mean by that you are soon to be entering an IVA ?

[loobyloo85]

Hi there

 

If you sell your property during the course of the IVA, you just need to inform the supervisor and it is at their discretion as to whether the debt can be included in your IVA and also be written off. The IVAs are for 5 years so if this happens in the 3rd year, you would need to seek advice from the company at hand. It would also probably depend on the amount you need including.