Have received conflicting advice

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steve_w

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Post by steve_w » Mon Jul 16, 2007 4:12 pm
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Have received conflicting advice whether to go IVA or not - owe c. £25k - I have c. 25k equity in property - Can bankruptcy be forced ?
Would it be beneficial if only say £10 - £15 k equity ??
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jue

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Post by jue » Mon Jul 16, 2007 4:27 pm
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hi steve

have you thought about remortgaging? as you would be able to clear most if not all of your debt with the equity?
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iva experts

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Post by iva experts » Mon Jul 16, 2007 4:29 pm
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Hi Steve_w and Welcome!

To enter into an Individual Voluntary Arrangement you must be insolvent, even though you owe 25K and have equity of 25K if you cannot meet your monthly contractual payments you would still be classed as insolvent.

Steve, my advice to you would be before you start the IVA process, go to an estate agent and get an up to date valuation on your property. Once you know for certain what the value is and the equity amount you can then review your options.

Best Regards. IVA Experts
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
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