is there a risk of repossession of my property?

[elzo_s]

I'm a homeowner. If I decide to go for IVA, is there any risk of my house being affected by this??? I mean...is there a risk of repossession of my property??
Thanks
Elzo

[mish1953]

General rules are
IVA = keep house
BR = possibly lose house

As long as you keep paying the mortgage you should be ok

Slainge
MIsh

[MelanieGiles]

Hi Elzo and welcome to the forum

Your house can only be repossessed if you either do not keep up the payments to the secured lender(s) or you enter into bankruptcy proceedings and there is equity for which you cannot identify anyone to purchase your interest.

But your property will need to be included into the IVA, and the usual provision is to offer a remortgage during the final year of the arrangement based upon 85% loan to value, with the resultant proceeds being used to pay 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

[Oliver]

As long as you continue to make your mortgage and other secured loan payments then your house will not be at risk in an IVA.

This is one of the main benefits of an IVA over bankruptcy, although you must be aware that you will be expected to realise equity from the property if there is any (usually up to c85%).

Best Regards
Oliver

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

[king2163]

There is very great resources on repossession at http://stop-house-repossession.blogspot.com/

http://sellhousefast.blogspot.com