My brotehr in law wants to go into a IVA, but has had advice from a local company. That due to him and his wife having approx 50k in equity, in the home and his wife having further savings, he can not do an IVA !! I think the 50k equity is if they sold at the top of the market, not at todays prices.
Thanks
For IVA purposes the valuation should be based on quick or forced sale. If your brother speaks to a few companies he will find one that is right for him
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
As others say it's worth talking to another company at least and by talking they could discuss all debt solutions not just IVA and I'm sure a relevant solution for him could be found. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
How much debt does your brother in law have? If the equity and his wife's savings are higher than the debt, this may be why the company he has contacted say it's not possible to do an IVA.
We are finding that creditors are pretty disinterested in equity in properties at present, unless of course there is a massive amount and only a low level of debt. I would get a second or a third opinion before you choose your solution.
