As long as you keep up with the mortgage then your home will be perfectly safe in an IVA. However, you would be required to release some of the equity towards the end of the IVA for the benefit of your creditors.
IVAs generally provide for your home to be excluded from the arrangement, however you do need to be prepared to have the property revalued during the final year of the IVA and any equity, subject to a maximum loan to value calculation of 85% of the then value would need to be raised and paid into the IVA.
I'm in my own home still, and managing to service both the mortgage and the IVA payments.
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
Why not take the time to speak with some insolvency practitioners who can offer you the advice you need dependant on your level of debts and equity in your home. Each persons circumstances are so different that it really is hard to be specific in giving answers on the forum but in the round most people retain their homes whilst in an IVA.
For me, I sold my house to enable the IVA to go ahead - best thing i ever did as it was the house that caused the expenditure to get out of hand !
Good luck in whatever route you decide to take.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I try to pop in from time to time Melanie, and often lurk ... like so many others, this Forum has given me so much help in the past that I like to be able to give something back if and when I can [:)]
I agree Lulu that each person is different. A lot of people have found that getting rid of their house was the way to go. Myself, I love my house and where it is, and will hang on to it if I possibly can.
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
I think it boils down to the house vs home argument. For a lot of people a house can become an absolute burden, especially when mortgage rates have been high, and as I say you can have a home anywhere - even a tent in the desert! - so long as you have your family, friends and possessions around you.
We British are very possessive about our properties, in contrast with our European cousins where renting is far more popular.
In this freezing weather I'd welcome a tent in the desert at the moment!
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
Trouble is that you need money to spend in Dubai, and I have a decided lack of that at the moment!
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
You and me both Kallis - money in January is going to be tight - MOT and Car Tax are due! Time for jacket potatoes and beans on toast for our teas this month !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
