Equality Vs Debt - Hi, I have a property that's valued at £340,000, outstanding mortgage £202,000. ( £138K equity). My debts are currently £90K. Would this qualify for an IVA? I'm thinking if a bankruptcy with all changes and the sell price at an auction plus all fees has to add up to a fair bit. What's the chances of being accepted for a IVA?
Even with that sort of equity an IVA is often better for the creditors than BR, depending, of course, on the bottom line figures and the full set of circumstances.
You will be obliged to attempt to release some of the equity towards the end of the agreed term, If unable to do so the IVA will be extended. Ask any prospective IP for a written example of the calculations they will use, before signing up to the IVA, to avoid any nasty surprises down the line.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It would appear, Dan, that you have been in an IVA before with £100k equity --- it worked then, no reason why it shouldn't now, apart from getting creditors to swallow a second bitter pill (which happens) .
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
