IVA - House Sale

[janjef]

Hi, I wanted to know what the situation was with regards to selling our house whilst under an IVA agreement. Is this allowed. I realsie any monies would go direct to my IVA but do they allow you to seel the house in the first place?

[janjef]

Sorry about spelling mistales, in a hurry. Doh!

[sequenci]

Hello there.

 

You should be able to sell the property, you'll need to let your IP know what you're planning to do though. As you've already mentioned you may have an obligation to pay them some/all of the equity. Do re-read the property-related clauses within your IVA contract.

 

- Seq.

[janjef]

Thanks...and what if the property plus all the Solicitors and estae agents fees don't cover my mortgage. This is my next concern. I guess the answer is I can't sell it...I have no access to any other money and i doubt my mortgage compnay would let me walk away with a debt to them

[janjef]

Does anyone know the answer to my question. I am currently going through an IVA Failure. So within the next 6 months I will be kicked up as I have failed to make any payments for 2 years. (I wont go into why as too long a story).My question is, once failed, would I be able to apply to a different compnay for IVA a second time. I will be in a different position by then so shouls be able ot make soem payments. (Once again this may sound odd but take too long to explain why.)I have asked the IVA to defer this decision as in the next few months things will be different but they are telling me it is now too late

Edited March 11, 2013 by janjef

[sequenci]

You *could* go to another IVA firm once the current one has failed. Is there a reason why this one has failed, and are you sure an IVA is the right option? How much do you owe? Have you any assets? Are you in mortgaged accomodation?

 

By the way, we will be moving this thread into the debt section of CAG shortly as you'll get a lot of help and support regarding your situation.

 

Seq.

[janjef]

You *could* go to another IVA firm once the current one has failed. Is there a reason why this one has failed, This This has failed because my other half is an alcoholic and loads of money spent on this I told IVA this but not thier problem. Also, cost of living gone up. Not once would they look at reviewing my figures over 3 years though. and are you sure an IVA is the right option? How much do you owe? Debt is £35k. No where else to go other than IVA. Since then PPI paid in £4.5k and I paid in one year which was about £4.5k Have you any assets? Mortgage on house. Just had it vauled and about £10k in it if goes for asking price. Are you in mortgaged accomodation? My partner and I are now splitting and therefore I feel I would have a little more disposable income to pay something towards a new IVA or existing IVA if they were to stop the failure. But nowhere near the £384 they want per month. I have worked out I could pay about £100 if everything goes according to plan.

 

By the way, we will be moving this thread into the debt section of CAG shortly as you'll get a lot of help and support regarding your situation. Ok thanks

 

Seq.

[ims21]

Thread moved to the "Formal Solutions" forum

[janjef]

Hi, I need to setup a new bank account as myself and partner seperating. We have an IVA. Existing Santander will not provide asecond bank account (So that my partner and I can go our seperate ways).

 

Does anyone know which banks offer a basic account with an atm card and no charges, if you are on an IVA?

 

I think I looked at thinkbanking but as they charge a monthly fee this is not desirable.

Thanks Jan

[Crocdoc]

Try the coperative bank and request A BASIC BANK ACCOUNT.

[Bombaymix]

Or Halifax. I just signed up to a basic account with them and they offer everything a normal bank account does! Visa card, Internet banking.

 

No overdraft or cheque book.

 

I'm very happy with this account!

[janjef]

Thanks both and did / do you both have an IVA?

[leicester girl]

Does anyone know the answer to my question. I am currently going through an IVA Failure. So within the next 6 months I will be kicked up as I have failed to make any payments for 2 years. (I wont go into why as too long a story).My question is, once failed, would I be able to apply to a different compnay for IVA a second time. I will be in a different position by then so shouls be able ot make soem payments. (Once again this may sound odd but take too long to explain why.)I have asked the IVA to defer this decision as in the next few months things will be different but they are telling me it is now too late

 

Hello Jane, I know how u feel, my ex was a violent alcoholic, u are doing the right thing in splitting up, stay strong. U can apply for another iva, just make sure u are only paying your debts and not his as well. Good luck

[janjef]

Thanks for your reply. He has now gone and I am told the IVA will officlaly fail sometime in August. Most fo the debts are in my name so I see a long way ahead trying to clear it all up. Despiute the fact that these are joint debts but he will never agree to contributing. He is now living with parents and now the lowest he can be. I am just gald to be rid. I will update this when I know more about the IVA and what I can do.