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Is there any equity in the property please?
yes : the original iva logic assumed nothing but they wanted me to sell within 2 years such that I could afford more monthly payments to them (the numbers are significant). House around £1.1m , equity now around 250k although 50% of this will go to my ex wife as part of a divorce settlement who she longer lives at the property.
I should add the main aggressive creditor in the IVA is HMRC - I have already tried reasoning with them to give me more time to sell naturally or to consider alternative approaches to financing the IVA to no avail. In the least I would like to stave off those clamouring to sell my house at auction for a massive discount. The estate agent seems confident i will get 90-100% of the asking price (i have had 2 offers of the asking price accepted but both pulled out for personal reasons not relating to me or the house value).
Yes HMRC can be a little hard.
Sadly if it is a condition of the IVA and you have breached the deadline you can't delay it
This is because you would be in breach of your IVA
That means that it would be suspended and creditors could take further action against you,
Sadly therefore based on the fact it was a condition, you may well have to do this unless you can remortgage or come to some other agreement with HMRC and get the IVA varied.
I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest
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