can my creditors demand that i sell my home

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andrew_xlb

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Post by andrew_xlb » Wed Jun 06, 2007 11:28 pm
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can my creditors demand that i sell my home ,and move into rented accomodation and are they allowed to specify the amount of rent i'm allowed to pay? my mortgage isnt part of my iva and i havent defaulted on any payments,can this be right and how if it is legal can it be enforced,i cant imagine being arrested for renting an expensive house.
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MelanieGiles

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Post by MelanieGiles » Wed Jun 06, 2007 11:43 pm
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Hi andrew e

Well your creditors can technically demand that you sell your home, but this is unlikely so long as your mortgage and any secured loan repayments are less tbat 40% of your salary(ies).

If you are required to move into rented accomodation, then your creditors will not expect to see you paying more than the market value of the size of property you need.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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