my son has a I.V.A. he has nearly competed paying the full five year term. my son shares a morgage with his two parents. one of his parents was declared bankrupt in 2008.the bankruptcy has been completly settled. it seems that due to the i.v.a. and the bankruptcy that there is no chance to remorgage to cover any shortfall in my sons i.v.a. can the County Court force the house to be sold. thank you
System of Law: England-and-Wales
The point of an IVA is that it requires your son in this instance to pay under the terms of the agreement an amount of money each month, which in turn is divided amongst his creditors. The payments are subject to regular reviews by the supervisor during the period, normally five years. If the monies required is payed for the full period, the IVA normally ends with the Supervisor certifying that the agreement has been met. It is probably correct that borrowing money will be difficult, even for the purposes of paying off the balance of the IVA. The matter in these circumstances is not normally referred to the County Court, and no sale ordered.
Is there any additional information i should be aware of?
Barrister with over twenty years of advisory and litigation experience
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