if I enter an IVA

[murf]

I owe approx 25,000 if I enter an IVA will I loose my house ?

[MelanieGiles]

Hi murf and welcome to the forum

It is unlikely that you would lose your house under IVA proceedings, but if you have equity in it then creditors will expect some of this to be raised to satisfy your outstanding debts.

How much is your house worth and what is the level of your outstanding mortgage?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi Murf
You will only lose your house under an IVA if you fail to keep the IVA upto date and it is then failed by your IP and you are made bankrupt.Also,and obviously,if you fail to keep your mortgage payments upto date you could lose your house.
As Melanie states you will,most probably,have to release some of the equity in your house in the fourth year of your IVA.
This is one of the main advantages of an IVA over bankruptcy.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[Oliver]

As the other experts rightly say, one of the main benefits of an IVA over bankruptcy is the ability to retain ownership of the property. However, you will then be expected to offer the creditors at least part of the equity you have amassed in this property.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp