if i have a iva and iam self employed

4 posts Page 1 of 1
Post Reply
 
 

g.ss

User avatar
Posts: 1
Joined: Wed Sep 14, 2005 4:07 pm
Post by g.ss » Fri Sep 19, 2008 10:40 pm
Quote
if i have a iva and iam self employed can i loose my morgage for my house and my commercial property mortgage
Top
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom
Post by kallis3 » Fri Sep 19, 2008 11:11 pm
Quote
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.
http://kallis3.blogs.iva.co.uk
Top
 
 

123debtsolutions

User avatar
Posts: 64
Joined: Thu Dec 07, 2006 5:00 pm
Location:
Post by 123debtsolutions » Fri Sep 19, 2008 11:39 pm
Quote
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.
Lee
www.123ds.co.uk - 0808 22 22 123
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Fri Sep 19, 2008 11:59 pm
Quote
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
Top
Post Reply
4 posts Page 1 of 1
Return to “self employed and company/business”