What happens when my IVA proposal includes the provision that I have to sell/realise some of my assets?
If you have been asked to sell or realise assets as part of the terms of your IVA, you will have to attend to this as directed by the agreement.
You should arrange for the sale of the asset without delay. If the asset to be realised is for example, an endowment not linked to a property or a similar financial policy, you would be advised to contact the Provider to obtain details of surrender.
The money will then need to be paid into the arrangement to ensure that the terms are complied with. You may have been asked to sell a house to realise the equity in it, for the benefit of the creditors. It is possible that this does not to have to happen until just before the IVA is due for completion, but you should check the terms of the IVA with us.
For more information, call us on
0800 16 999 46 or simply fill in the online application form above. Our initial advice is free and completely confidential so why not give us a call today...
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