A reader asked:
We are desperate to end our IVA. So difficult. The IVA firm that seemed helpful at the start now after two years doesn’t care about our extra costs. We have decided to sell and downsize.
My wife is hoping for a discount but I said they were more likely to charge us more to get out early! We need as much equity as possible for the next house.
This is a tricky situation. There is a bad way to approach it… and a better one… but even the better one has some big disadvantages.
But first the important disclaimer – IVAs can have very different terms. If you want to sell, you are going to have to talk to your IVA firm about your specific situation. I’m just going to talk about some common IVA terms, which will hopefully leave you better prepared for that conversation.
The bad way…
I expect you are hoping you will just have to pay the rest of your IVA payments – probably three years more plus an extra year because you have a house with equity.
But until your IVA ends, you still owe all your debts and, in the IVA, you have agreed to pay as much as possible towards those debts. So if you tell your IVA firm you want to sell your house and end the IVA, they are likely to tell you that the amount needed to settle your IVA will be:
your full debts at the start,
plus the IVA fees,
plus something called statutory interest (if this is in your IVA terms)
less the two years payments you have already made.
There will sometimes be a clause in your IVA which means you have to be left with at least 15% of the value of your house. But even with this, you may have to pay a lot more than your remaining IVA payments would be. So this is not a good approach.
The better way…
Instead, work out what the remaining IVA payments will add up to, including an extra year as you have a house with equity (see How equity release works in an IVA for more about this).
Then contact your IVA firm and say you would like to make a full and final settlement offer of £x, the total you have just worked out. Explain that you intend to finance this by selling your house, but if your creditors do not agree to this proposal, you will not sell the house and your IVA will continue.
The IVA firm will have to propose this to your creditors as a “variation” to your IVA, and they will decide whether to accept it. You need this all sorted out before you sell the house.
But…
The problem with what you are proposing, even if you get a full and final offer agreed for your remaining IVA payments, is that it will be almost impossible to get another mortgage straight away.
Although your IVA will end and your debts will be settled, the IVA marker will stay on your credit records for six years from the start of the IVA. This will happen even if you pay off your debts in full! This marker will stop you getting a new mortgage. So your plan isn’t going to work unless you are downsizing so far you can buy without a mortgage.
Alternatives
The reader who asked the question had no pressing need to move, just a desire to end their IVA. They could sell, ending their IVAs and rent for the next few years. As they are struggling with their IVA, they need to discuss this with the IVA company – there may be ways to help with their increased expenses that could help. If this would involve prolonging the IVA more than they can face, they may have to go for the sell and rent option.
Other people may have urgent reasons to move:
- to somewhere bigger if your family is growing up;
- closer to better schools or to elderly parents that need support;
- relocation may be needed because of your work.
For them, a possible option would be to rent a new house but keep the current one and let it out. They need to consider how this will affect their IVA with both income and expenditure changing.
If you are reading this before starting an IVA, think how likely you are to have to move during the next 6 year… IVAs are not flexible debt solutions. If your life may have big changes – house moves, new baby, family changes, new job – the long IVA commitment may not be suitable for you.
Plan v reality – budgeting problems
What happens if you can’t afford your IVA?
Debt Camel’s Guide to IVAs
Michael Peoples says
There is another alternative to selling and that is to obtain a secured loan for the required amount. The cost is usually capped at 50% of the monthly IVA payment which would make affordability easier and end the IVA without the loss of the home. Once the IVA has completed the client could sell if they want or wait until their credit file clears up and then remortgage or move. Remortgages are difficult during an IVA and can be expensive so a secured loan may be the only realistic way of raising equity without a sale.
There are downsides to this option and it certainly does not suit everyone but it is something to consider.
Alison says
I have been in an iva for 4 years and not missed a payment, I am selling my house and asked for a settlement figure. I originally owed £14500 ish they now want 18,284 to settle and I have already paid over 7k, can I make an offer or do I have to accept that a 14k debt is going to cost me over 25k? Thank you in advance
Sara (Debt Camel) says
The simple answer is probably not to sell your house until your IVA has finished, as the article above explains.
Stephanie says
Hi I’m in my 4th year now and paying £120 a month to my Iva . We’re thinking of selling our house. We owe £40k on my IVA 54k on our mortgage I was going to make an offer of 20k to my creditors . We got our house value for 125k . We really need to sell as I no longer can live in my area.
Thanks for the information above really helpful. We’re gonna go with the second option of telling them we’ll pay the last 2 years and add a extra years payment.
Marie says
Did you have any luck with this? Or did you stick with the IVA until completion?
Jane rowland says
This website is the most helpful I’ve found thank you! Our Iva was for £175,000, we have been in the Iva for 4 years, last year my husband and I separated he is now renting a property for himself whilst still paying our mortgage and the Iva payments of £800 p month this is causing hardship and stress to us both and we want to sell the house, currently there is about £250k equity we’d like to offer £30k settlement as an end to the Iva how likely is this to be accepted or offer £30k and sell but have reduced Iva payments for remaining 2 years but be allowed to sell house and keep what’s left of the equity? We have a son of 18. Both me and my husband are stressed by the situation, I’ve been diagnosed with depression take anti depressants and have felt at times suicidal with it all. Please help!
Sara (Debt Camel) says
what do you want to do if you do sell the house? Neither of you will be able to get a new mortgage.
Jane rowland says
My ex is saying that I can keep the equity to buy somewhere for me and my son and he will continue to rent
We have so far paid in £48k inc a ppi payment £28k of that has gone to creditors the remainder to Iva company in fees
Sara (Debt Camel) says
Well if that will be enough equity to buy somewhere without a mortgage, you should probably try to go what I called “the better way” in the article above.
Work out how much the rest of your IVA payments for the 5th year and another 6th year in lieu of equity will be. Then propose to your IVA firm that you would like to sell the house in order to pay that total amount as a full settlement of your IVA. This will need to be voted on and approved by your creditors BEFORE you sell the house.
If your creditors reject it, then your IVA needs to get through to the end somehow. Could you and your son rent somewhere smaller / cheaper and let out your house? You may have to find some imaginitive way forward.
Bobby says
I own a property with a friend , but got into difficulty after losing my job and currently in training to change my carear. I agreed to an IVA 3 months ago but my IVA company could not put a restriction on the property because my friend will not sign the document to have a restriction place on the property. We have decided to sell the property as my friend no longer want the property but i am not able to buy him out as i have no income. My IVA was for £24000 and currently paying £105 monthly.
What are my options ? as i made a call to the IVA company to ask for a figure if i have to pay it off only to be told i have to pay off the full amount and with other cost.
Sara (Debt Camel) says
Read the article above in detail. If you just sell the house, all the equity you have will have to be used to repay the debts in your IVA.instead you need to tell the IVA firm that you want to prose an early settlement and won’t sell the house unless this accepted by your creditors.
carol says
I have sold my flat and buying a house, I also are three years into an I’ve fir £17.000, I pay 104.00 a month . There is only enough with the sale to pay solicitors and estate agents. The bills will be cheaper so I have offered to up the monthly amount. They are saying I need to pay 3.500 to lift the Iva of my flat. Then I will have to clear the rest from the house sale, which means I cannot but the house. All work is done and we are all ready to sign up and move. I’m now 60 years old and accumulated this through divorce after 35 years of marriage. I’m trying to make my bills cheaper this being the reason for the move plus I won’t have a car soon so need a bus route for work. My solicitor has said she is certain they cannot do this. I’m at my wits end. I am all packed up and waiting for a moving date, I cannot let two other people down. Please help. I have asked if theyca. Move the Iva to the other property but they refuse.
Sara (Debt Camel) says
I am very sorry to hear this is proving so difficult. Did you not talk to your IVA firm about what you wanted to do before putting your flat on the market?
Why will you not have a car soon, do you have health problems?
Marie says
I really need to sell my house (can’t afford property anymore and I’ll be better off in rented).
I’ve asked my Iva company if it’s possible to sell my house and give them £20k (original debt £27k), they have replied saying I have to pay 100p in every pound owed plus expenses 😡
Could I fail my Iva then sell up a few months down the line and pay debts directly, Or would that be fraud?
Sara (Debt Camel) says
how much equity is there in your house?
have you been affected by coronavirus?
how far through your IVA are you and what is your monthly payment?
you may be better off in rented, but are you saying you cannot afford the mortgage plus the IVA payments?
Simon says
My IVA completion certificate is dated 29/11/2017 & I would now like to sell my house to downsize. In light of the Green v Wright case can my Iva provider claim any equity I may have if I sell my property?
Sara (Debt Camel) says
Green v Wright sounds so scary, your IVA firm taking money years after an IVA has finished. But it only applies to a very specific situation, where you had an asset (the right to claim a PPI refund) at the beginning of your IVA that wasn’t dealt with as part of your IVA.
This does not apply to your house! Your IVA firm was aware of your house and would have considered whether you had to release equity or pay a 6th year of payments. They can’t come back now after your IVA is finished and ask for any of your equity.
One thing to check is that your IVA firm has removed any restriction on your house with the Land Registry, see https://debtcamel.co.uk/end-of-iva/. If they haven’t, it is an admin error and you should get them to correct it. This rarely happens, but it’s better to find out now rather than have your solicitor find out when you are halfway through a sale!
Simon says
Thank you so much Sara for putting my mind at rest. I can always rely on Debt Camel for sound advice.
Sarah says
Hi I am 9 months into an IVA but need to sell my house due to change of location of work.
Do I have to clear my IVA if I sell and rent for the remainder of the term? How will it affect the sale?
If I do offer a final settlement using the calculation in the article and it is accepted, i will not be able to settle till the sale completes and I have the funds, will this affect the house sale as it will still appear on the land registry search?
Thanks
Sara (Debt Camel) says
Read the article above in detail. You have to go down the “offer a final settlement” route, not just sell the house. And remember if you do sell the current house and settle, you won’t be ble to buy again as you won’t be able to get a mortgage until the IVA has dropped off your credit record 6 years after the start.
If your creditors won’t accept the final settlement, you need to look at renting out the current place and yourself renting.
Clare says
Thinking about going for IVA. Have debts at 30k.
Equity in property is 300k(at the momentl)
The iva company are saying i have a year to pay off debt through sale of house.
But some land has compulsary purchase order on it..which i will be entitled to compensation. Will the IVA company try to take this also?
Sara (Debt Camel) says
When are you likely to get this compensation? How much is it likely to be? Would it be very hard to sell your house at a reasonable price until the compulsory purchase is resolved?
Clare says
The compensation may be a year or so away, and the amount is substantial.
But the house will be difficult to sell..yes.
my question is, will an IVA company sting us with a lot of charges, as they know about the future compensation?
Sara (Debt Camel) says
An IVA is a very poor option in this sort of situation. Your debts will need to be paid in full plus the IVA charges which will be several thousand pounds, possibly a lot more. And you are stuck with an insolvency marker on your credit record for 6 years even after the debts have been paid in full.
Why not just set up a debt management plan and wait until you get the compensation and use that to clear your debts?
Clare says
We owe the money toHMRC who want to file for bankrupcy. And we cant raise the funds or meet their payment plan requests as they want it paid within the year
Sara (Debt Camel) says
An IVA is an appalling option if the IVA says your house has to be sold. I assume you have talked to your mortgage company? Have you looked at secured loans?
Clare says
Its not the IVA who wants us to sell the house, but HMRC have said they can make us do this if they file for bankrupcy
Sara (Debt Camel) says
You said “ The iva company are saying i have a year to pay off debt through sale of house.” ??
How much other debt do you have apart from the HMRC debt?
Chantal Smith says
Does anyone know, once the IVA has completed and is off your records if mortgage lenders can still find out if you ever had an IVA and how long ago you were discharged or if you need even to declare it anymore to anyone? Interestingly, I am trying to move to a bigger home now the restriction has been removed and the IVA is no longer on my credit rating but a broker was telling me their lenders require it to be discharged for 2 years or more in some cases before they will consider you and I was wondering if and how they would find this out if the details are no longer on the insolvency or my credit reports? If anyone knows anything about this or can advise me on this matter I would appreciate it.
Thomas says
I’m in an Iva also a mortgage and a secured loan. I’ve been made redundant. Who has first charge on my property if I’m repossessed.
Sara (Debt Camel) says
The mortgage lender has the first charge. The secured loan has the second change.
Are you getting redundancy pay? How easy will it be to find another job?
How far through your IVA are you? How much equity is there in your house after the mortgage the secured loan?
Thomas Flynn says
I have got 3 months redundancy pay. I’ve now got a job but a vastly reduced salary. I’m now 26 months into my Iva. My house is valued at 200,000 . I owe 22,000 on mortgage, 37,000 on secured loan and still about 52,000 on my Iva.
Sara (Debt Camel) says
is the salary enough to pay the mortgage, the secured loan and live on? Ignoring the IVA?
Thomas says
Yes if I wasn’t paying the iva
Sara (Debt Camel) says
Then you probably need to stop paying the IVA…
I think you should talk to a good debt adviser – this is probably not your IVA firm who has an interest in the IVA continuing… try National Debtline on 0808 808 4000.
Who is your IVA firm? Have you had any payment breaks so far?
Do you think your income may increase over the next couple of years?
The debts in your IVA – what sort of debts were they? If they were credit card or loans, how old are the debts?
Thomas says
The Iva company is Unity. I’ve had 3 months of payment breaks. I don’t think my income will increase by too much in the next couple of years. My debts were mainly credit card debts which I had for many years.
Sara (Debt Camel) says
OK, I repeat my suggestion that you should take debt advice. You may be able to get more payments breaks from your IVA firm but will these really help if your income doesn’t increase? Irf your IVA has to fail, there may be no advatage in just prolonging it.
You need advice on your options if your IVA fails. Because a lot of your credit cards are old, if these debts have been sold to debt collectors, then you may have some success in challenging the creditors to produce the CCA agrement for the debts if they get in touch wanting to be paid. https://debtcamel.co.uk/ask-cca-agreement-for-debt/
Thomas says
Thanks for the great advice Sara. Much appreciated.
Mo says
Hi I’ve been in an IVA for just under a year. They couldn’t make me sell or remortgage my home because my ex husband was still on mortgage. My ex has now come to me and said he want to sell up and I’ve had to tell him about the IVA and what that means for me.
I have spoken to the Iva company and they have given me a final figure of what I could offer to pay if the money was to be given to me by a family member or friend which is a hell of a lot lower than what I would have to pay to get out of it any other way. I know that they will take 85% of my equity if I sell which would cover the lower amount but not the higher amount. What happens in a situation where you sell but the equity isn’t enough to cover what’s owed?
Sara (Debt Camel) says
Then the equity there is (well your half of it) would be paid into your IVA and your IVA would continue. Your payments would have to be reviewed as all your expenses would have changed.
So you will be renting somewhere? It can be hard with an IVA on your credit record.
Mo says
Yes I’ll be renting. I’ve spoken to letting agents and they have said I shouldn’t have a problem renting as long as I have a guarantor.
Cole G says
I am thinking of applying for iva. Debt is 60k. Only 2k left on my mortgage to pay and house value at 55k.
please Will I lost my house after iva? Will I be able to have a bank account during iva? What is the maximum income during iva period please.
Sara (Debt Camel) says
that is a lot of debts, how did it ariase?
are you up to date with the debts or in arrears?
how much can you pay to them each month?
Sarah c mitchell says
Hi wondering if anyone can help. I had an iva on 2008 and completed it in 2013. Now in 2021 have come to sell my house to find the restrictions are still on my property. Next problem is the company doesn’t exist anymore and the supervisor resigned in 2010. Records were passed to another company who also don’t exist. Who then passed details to a company called jarvis who no longer have any records of my iva. I’ve emailed land registry to find out how and what they need to get it removed but firstly they have said I need to contact the company which as stated I can’t! Ahhh can anyone help or advise?
Sara (Debt Camel) says
Do you still have your completion certificate?
Sarah c mitchell says
No I sadly don’t and can’t seem to get it either , as it’s past the 6 years it’s not on my credit file or insolvency register. Sorry if I posted this answer twice wasn’t clear if it had posted or not!
Mariya says
The equity is 50,000. Debt is 30,000. If its in Iva while selling house how much all together needs to to iva. Will I get any equity. After paying.
Sara (Debt Camel) says
Are you in an IVA at the moment? If so, how many years to go? Are you managing to make the IVA payments?
Mariya says
I discussed with iva today. They started paperwork. All of a sudden I was thinking about house. In case if I need to sell and pay off debts. Is it going to be extra payment.. Than what I owe to creditors now. Then how much it will be. They were saying it can be 6 years. 80/month for 70 months.
Sara (Debt Camel) says
How large are your debts that will go into the IVA? Can you say more about your current situation?
£70 a month is very low for an IVA payment – if anything goes wrong there is no “wriggle room” to reduce the payments and still carry on with the IVA.
If you sell the house you have to pay off ALL the debts plus the IVA fees in full.
If you think you may want to move it may be better to sell now, not pay the IVA fees and not have insolvency showing on your credit record. After you get an IVA you won’t be able to get a mortgage for 6 years even if you sell the house and end the IVA…
Martin says
Hello
I have an iva currently of 6 months. I have joint ownership of a house.
How will it affect the Iva if I was to be removed from the ownership and my partner has 100% of the equity and the house.
My partner pays the mortgage directly. After year 4 and final reviews take place how can I avoid her loosing the equity.
Sara (Debt Camel) says
So you want to give your half of the house to your partner? That won’t be possible, it would be against the IVA rules.
I am sorry but you should have thought about this before you started the IVA.
Her half of the equity will be safe – you may have to remortgage or take a secured loan to release come of your equity.
Jordan says
I have an iva about 2 years into it. We are having to relocate due to my partners work commitments and family reason. I spoke to my iva about this theu told me i would need to get my solicitors to speak to them. My original debt was 14.500k. We had to put our house on the market straight away due to moving across thr country and only had 2 months notice of husbands new job. (Due to covid, works in hospitality)
Theu have now landed me with a figure of 20k to settle. Impossible to rent due to pets. If they take all of that amount from the equity we will be stuck with nowhere to live. I have asked if i can pay 12k ad have been told this is unlikely and will have to come up with the full amount which would leave us in an impossible possition. Any advice would be greatly appreciated.
Sara (Debt Camel) says
You can insist that your proposal to offer 12k from the house sale is put to your creditors as a variation to your IVA. I can’t guess how likely it is to be accepted
But even if it is, you may still face a major problem…. you were hoping to sell your house and buy another one? That is very unlikely to be possible even if you get your IVA settled and are left with what sounds like enough for a deposit. Because it is VERY VERY hard to get a mortgage with an IVA still on your credit record, even if it has been settled.
I think you need to find some solution to your situation. It can be possible to rent with pets, it’s just harder, so you could sell the house, close the IVA and rent? Or rent your house out and rent another house and let your IVA continue? Or your partner finds a different job? If nothing else works, then you have to consider rehoming the pets (I have a dog and I know how absurd and insulting a suggestion that is, but if you are homeless you can’t keep the pets anyway.)
Jordan says
My husband has managed to get a mortgage. What i dont understand is how as a company that is meant to be helping you with debt afyer payinf for 2 years approx 2k to clear my debt it is 6k more than it originally was. Trying to find another 6k is going to further my debt situation. If i was at the end of my iva thwy would only be able to request for 50% of the equity as the mortgage is joint and i would only be have to pay 85% of that amount which is about 13k. However they are asking for 20k. I dont understanfld how theu have come to that figure.
Sara (Debt Camel) says
They can ask you to repay the debts in full, plus 8% pa interest plus their own fees which will be high… That is “the bad way” I described in the article above. It is a shame you told them you were selling the house and asked for a settlement – it would have been better to have proposed a full and final settlement, saying you would only sell the house if one could be arranged… as the article said.
You can ask them for a breakdown of how the 20k was calculated.
And you can, as I said, insist that your offer of 12k is put to your creditors to vote on.
If you are basically saying that IVAs are a scam and the costs were never explained to you properly before you started – that is a view shared by many people but it doesn’t really help you to move forward and decide what to do now.
Jordan says
Thank you for you advice i shall be speaking with my IP today.
I never spoke to them about it our solicitor did before we had a chance to make an offer. Sort of screwed us over really but that also seems to be the case with most of them.
Its very poor. They dont really explain what happens in this case when i posed the question they said i wouldnt be paying more than i originally owed, but here we are. Looks like im going to have to put tje propsal forward and of that doesnt work i am going to have to find the money. Thank you for you help though
Marie says
I spoke with my IVA company about selling my house and proposed a full and final settlement offer from the sale of it (£20k).
The Iva company told me back then I would have to have the house sstc first so they could work out a settlement figure (original debts 27k) and there was no point asking for this full and final offer etc.
Fast forward a year or more and I am now sstc, have just rang my Iva company for a settlement figure and I’ve been told
I’m not allowed to sell my house and I should have got a letter from my solicitor who is dealing with the house sale first (tried to explain you don’t get a solicitor involved until you are sstc).
They are now saying I will have to pay 100p in every £ of my debt?
So this would be £27k?
But they won’t do anything until they have received a letter from my solicitor with the sale details and them promising to
Hold all monies until they are paid back what I owe.
I’m
So frustrated, I have £65k equity and I have lined up a shared ownership property to buy 25% in cash from my house sale and pay off debts with the rest but now I won’t be able to
Afford to do it!
Every time you ring or e mail you get someone telling you something different.
The last guy said I would have to pay back
The rest of my Iva payments plus an extra year!!!
Just what is the truth please?
Sara (Debt Camel) says
You have to get a settlement agreed before you commit to selling the house.
So frustrated, I have £65k equity and I have lined up a shared ownership property to buy 25% in cash from my house sale and pay off debts with the rest but now I won’t be able to
I suggest you go back to them and say you will not be proceeding with the sale unless your creditors have agreed to accept a lower settlement. So you need this decided first. Because if you repay your debts in full, you will not be able to but another house and you will not sell this one.
What does the rest of your IVA payments add up to?
Marie says
I will have around £60k in equity, I’m 3 years into the IVA.
I can’t afford my mortgage and Iva, I’m in mortgage arrears and Iva arrears.
I pay £140 per month to my IVA
Marie says
Around £6k
I have sent an e mail (again) stating this, the last 3 got ignored.
Sara (Debt Camel) says
who is your IVA firm?
Marie says
Debt movement now, it was originally aperture
Sara (Debt Camel) says
so your original discussion about a settlement was with Aperture? Was that over the phone or by email?
Marie says
I’ve had several discussions with aperture and with debt movement, they never reply to my e mails so it’s all been done over the phone.
I’ve now been told my Iva is in breach because I’ve sold my house without their permission so my Iva is going to fail.
My Iva is for £32k of debt and their fees are about another 2k.
I can’t afford to pay this and move house ( to a much smaller house in less desirable area).
And I can’t rent because of my credit.
Can I do anything to save this situation?
Sara (Debt Camel) says
Can you back out of the house sale?
You can send Aperture a Subject Access request asking for a recording of all the phone conversations you had with them in 2019 and 2020 – see https://apertureiva.com/legal/privacy-policy. Do this now, it won’t be fast so just get it kicked off.
And you can make a complaint to the IP named on your IVA. But this will not be fast.
If you can at the moment stop the house sale, this MAY be the best option for you and it may not be there in another month or two.
I think you need some help with this – I suggest you talk to your local Citizens Advice and try to get them to help with a complaint.
sarah says
I am in an IVA and have been for 3 years. My payments are £150 per month and I have £36k outstanding on my debt. My husband is not aware of my IVA so the IVA agreed to do it over 6 years in place of 5 years to prevent me from having to remortgage and him finding out as it would cause a divorce. He is wanting to sell the house as it is too small for our growing children. Would my half of the equity be taken from the sale of the house. Mortgage left to pay is around £52k and the house is valued at £110k
Sara (Debt Camel) says
Possibly, I don’t know how your IVA has been set up, whether it includes the house as an asset or excludes it. You need to ask your IVA firm and if you are not happy then talk to your local Citizens Advice who can look at your contract.
Sarah says
Thank you, I will give them a call and see what the options are.
Donna says
I have been in an IVA for only 6 months. My situation has changed in that time and I ideally want to sell the house and rent, then I can get the IVA off my credit file sooner rather than later to look at buying elsewhere in the future. I owe £40000 including fees to IVA and will have £20000 of my share of equity at 85% LTV. How likely is it that £20000 will be accepted as a settlement figure?
Sara (Debt Camel) says
There is no way to get the IVA off your credit record even if it is repaid in full. And with an IVA, even a completed one, on your credit record you will not be able to get a mortgage even with a good deposit except at a high rate.
If this is your only reason for wanting to sell, then you need to reconsider.
What are your current repayments? Are they affordable?
Angela says
Hi, I completed my IVA in September 2018. I have the completion letter. Can I now sell my house without any comeback claim from my IVA company??
Sara (Debt Camel) says
yes this should be fine. You may want to check that the IVA company removed the restriction they will have placed on the Land registry – see https://debtcamel.co.uk/end-of-iva/
Angela says
Thank you for reassuring me. I really appreciate your swift reply. Only problem i have is : How do I contact Land Registry ? as on all my past correspondence there is no contact telephone number or email. Do you happen to have one ?
Sara (Debt Camel) says
You have to search the register: https://www.gov.uk/search-property-information-land-registry
Thomas says
Hi Sara. With the continuing increase in the cost of living I have had to delay making my Iva payment for 2 weeks for the last 3 months. So far my Iva company have been fine with this but going forward I can see problems arising whereas my next payment will be due before I’ve paid the last one. I’m 3 and a half years into the arrangement and I’m reluctant to take a payment break as I don’t want it dragging on longer than necessary. Any advice. Thanks.
Sara (Debt Camel) says
how large are your IVA payments? do you have a house with equity?
Thomas says
My payments are £603 a month. I have a house with equity.
Sara (Debt Camel) says
Have your payments been increased in the three years?
how large are the debts that went into your IVA?
who is the IVA firm?
Thomas says
No payments have come down slightly because I was made redundant and couldn’t get another job on the same salary. The debts were £65000. My Iva company is Unity.
Sara (Debt Camel) says
I think you need to talk to Unity and say that the payments are too high at the moment because of your expenses going up and can they be reviewed. Say you don’t want a break, as there is no sign that things are going to get better, but you need a reduction.
Thomas says
Thank you Sara for the usual sound advice. Much appreciated.