if you dont have any equity

[pnn]

can you still go for a iva if you dont have any equity on your home

[MelanieGiles]

Hi p n

Yes you can, so long as you have disposable income to offer to creditors over a five year period. How much do you owe, and what money do you feel you could set aside each month to make an offer to creditors?

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

[jamesfalla]

Hi P_N

As Melanie says, you can absolutly go for an IVA if you have no equity in your house. The agreement will have to stand up based on monthly contributions alone which is very common.

Just be aware that your creditors will normally want a clause to be added to your agreement which says that your home should be revalued after 4 years. If there is any releasable equity in the property at that time, then you will need to be prepared to do this.



James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

[pnn]

thanks for the advice