how would a loan on my home effect an IVA ?

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stephen.r

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Post by stephen.r » Thu Jan 10, 2008 2:30 pm
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i have a loan on my home .would this effect the iva
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pbeck

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Post by pbeck » Thu Jan 10, 2008 2:43 pm
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No, as long as you continue to pay the mortgage during the IVA. As the mortgage is a secured debt, the mortgage company will not participate in the IVA, but repossess the property instead if you stop paying it.

You should be aware, though, that it is now a standard term in all IVA proposals for homeowners that they remortgage their properties up to 85% value in teh final year of the IVA to release equity into the IVA for the benefit of the creditors.

Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist
Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist since 1996.
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iva experts

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Post by iva experts » Thu Jan 10, 2008 4:42 pm
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Hi Stephen,

As the loan is secured on your home the debt would not go into the IVA, however you would be given a provision to continue paying your mortgage.

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