can creditors take an interest in my car or home?

4 posts Page 1 of 1
Post Reply
 
 

dena.r

User avatar
Posts: 1
Joined: Tue Aug 26, 2008 5:35 pm
Location:
Post by dena.r » Tue Aug 26, 2008 5:36 pm
Quote
if you enter into an iva is any of the credit companies able to take an interest in my car or home. i have a shared ownership house. regards
Top
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom
Post by kallis3 » Tue Aug 26, 2008 5:48 pm
Quote
Hi Dena and welcome.

With your car, it depends how much it is worth as to whether there would be a problem keeping it.

With your home, normally you would be expected to release some of the equity in year 4 of any IVA. How this would work with shared ownership, I don't know but I am sure someone else will.

Credit companies can sometimes put a charge on your house, but again, don't know how this would work with shared ownership.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
Top
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:
Post by Adam Davies » Tue Aug 26, 2008 8:29 pm
Quote
Hi
In an IVA your car is normally excluded.
You are normally required to release equity in month 54 of an IVA agreement but as you are shared ownership it is most likely that you will just extend your IVA by a year rather than release equity.
There is normally a restriction put on your property in an IVA but not a charge
Regards
Andam Davies
Top
 
 

Soulgrowth

User avatar
Posts: 2446
Joined: Fri Jul 07, 2006 9:38 pm
Location: United Kingdom
Post by Soulgrowth » Tue Aug 26, 2008 9:13 pm
Quote
Hi Dena

I just wanted to welcome you to the Forum ... please keep posting for you are amongst friends here.

At what stage are you in your journey? Have you approached an IP yet?

All the best

Debbie
Debbie
Top
Post Reply
4 posts Page 1 of 1
Return to “postings for august”