in the process for going for IVA would like advice

4 posts Page 1 of 1
Post Reply
 
 

mr_j_p_c

User avatar
Posts: 1
Joined: Fri Jun 13, 2008 9:54 pm
Location:
Post by mr_j_p_c » Fri Jun 13, 2008 9:56 pm
Quote
Hi

I am in the process for going for IVA and was told that i would have to get my two properties valued in year four. but i have negative equity of £30000 in the house i live in and the house i rent out has equity of £20000. surely my creditors will not take the profit from the rented house in year 4 and leave my in negative equity in the house i live in. wouldnt they offset each other. this is providing the property market doesnt improve. would like some advice.
Top
 
 

plasticdaft

User avatar
Forum Expert
Posts: 9562
Joined: Wed May 21, 2008 12:45 pm
Location: United Kingdom
Post by plasticdaft » Fri Jun 13, 2008 10:17 pm
Quote
Would the house you rent out not be able to be sold as an asset?? Not sure how this would work.
Oh and welcome to the forum,a more knowledgeable person that myself shall be along to help you out very soon.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Top
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:
Post by Adam Davies » Fri Jun 13, 2008 10:28 pm
Quote
Hi
Yes they will take some of the equity from your property even if the other one is in negative.
Why should they not do this ?
Regards
Andam Davies
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Sat Jun 14, 2008 4:48 pm
Quote
The buy to let property ought to be sold as it is an asset of your estate, and I am sure that if you do not offer to do this your creditors they will ask for it to be included in any case.
Regards, Melanie Giles, Insolvency Practitioner
Top
Post Reply
4 posts Page 1 of 1
Return to “postings for june”