I doubt I would be able to remorgage

[michelle.w]

I have a mortgaqe on a house which is classed as a defective dwelling, there may be low equity in the property but due to the nature of the construction of the house I doubt I would be able to remorgage to obtain more funds to pay off creditors. How would this affect and IVA if I decide to persue this option for my debts which due to a change in job may result in me not being aboe to continue the payments as they are.

[MelanieGiles]

Hi Michelle and welcome to the forum

I have dealt with many cases with similar properties and, so long as this is clearly explained to your creditors, and their expectations are managed, then there should be little difficulty in obtaining an IVA providing your circumstances fit the critiera for one. Have you had any discussions with an insolvency practitioner yet?

If there is any uncertainty about your future income, you need to consider whether an IVA is the right option for you, but there are others so I would seek professional advice at the earliest opportunity.