if i have a iva and iam self employed

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Post by g.ss » Fri Sep 19, 2008 10:40 pm
if i have a iva and iam self employed can i loose my morgage for my house and my commercial property mortgage


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Post by kallis3 » Fri Sep 19, 2008 11:11 pm
Hi g.ss and welcome.

I don't know the answer to your question, but I'll bump this back up so that one of the technical experts will see it and give you advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.


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Post by 123debtsolutions » Fri Sep 19, 2008 11:39 pm
Hi G.ss, welcome.
No, your house is not at risk.. Only if you fail the IVA can your property be at risk, but even then equity remains a factor amongst other things. Your selected IP should put your mind at ease.
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Post by MelanieGiles » Fri Sep 19, 2008 11:59 pm
An IVA has absolutely no impact on mortgages, as they are secured against the assets the borrowings were taken over. The only way a property can be at risk under such proceedings, is if you fail to make the secured repayemnts or if creditors specifically require you to sell the properties as part of the arrangement.

It is far too sweeping to say that your properties will not be at risk. When you are unable to pay your debts under normal contractual terms, all assets are at risk in some shape or format, the trick is to broker a deal with creditors before it is to ;ate, and an IVA may well be a solution worth looking at.
Regards, Melanie Giles, Insolvency Practitioner
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