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Max Lowry
Max Lowry, Advocate
Category: Law
Satisfied Customers: 1457
Experience:  LLB, 10 years post qualification experience
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My IVA finishes 2016. I amretired and aged 72 - my house is

Customer Question

My IVA finishes 2016. I amretired and aged 72 - my house is mortgaged at 56k - house value is £90k. Can I be forced to pay equity. I want to sell up and return to Eire. I have never defaulted on my payments which will be 2yrs in May. My payment is £450 per month. Many thanks.I should say my IVA was fast-tracked. I have been told that it is a 3-year and one month term. Many thanks.
Submitted: 2 years ago.
Category: Law
Expert:  Max Lowry replied 2 years ago.
Hi, welcome to the site. My name is ***** ***** I will help you with your question. Could you please tell me, did the IVA come into place as a result of bankruptcy? Also, could you please exactly tell me what you need to know? Are you looking to satisfy the IVA before its natural conclusion at the end of the term?
Thanks
Customer: replied 2 years ago.

I am in an IVA - am I required by law to hand over a requested sum when the IVA ceases - this amount to be raised by remortgaging my home again or I really want to sell up. thanks.

Expert:  Max Lowry replied 2 years ago.
I'm short yes. You entered into contract with your creditors to deal with your debts. If that is what the IVA says then you must do it otherwise you will be in default and you could be made bankrupt.
You may ask your supervisor to agree to write to the creditors with a view varying the IVA. However, chances are unless you can raise the required sum to complete your side of the agreement you will be in default. Are you not allowed to sell the property and pay over the required balance to the supervisor? This would seem to assist you as you can conclude your IVA and then carry on with your proposed move? You should ask your supervisor to see if this is acceptable.
Expert:  Max Lowry replied 2 years ago.
Hiya, please let me know if I can assist you further.
I should be grateful if you could kindly take a moment to rate this service. It means a lot to me as an expert on this site.
Thanks again
Max