Get expert opinion. This is the place for new questions to be posted.
-
kenty
- Posts: 4
- Joined: Thu Feb 21, 2008 10:06 pm
- Location: United Kingdom
I have been in an iva for 2 years, the debt majority is prior to my second marriage, i remortgaged my house to release all my share to add to the iva i have so far paid 25% of the total debt. my supervisor for the iva is demanding monthly payments stay the same despite a salary job of 35%, if i fail the iva will i still lose the house despite the fact i now have no share in it and prices have plumetted, protecting the house is my only concern
-
plasticdaft
Forum Expert
- Posts: 9562
- Joined: Wed May 21, 2008 12:45 pm
- Location: United Kingdom
Do you mean your salary has dropped 35%,if this is the case your IP must surely call a variation meeeting to allow the IVA to continue. At what point was equity released?? Who elses shares an interest in the house??
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
-
Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi
I agree with Plasticdaft,if your overall income has fallen [joint] then your IP must call a variation meeting.
Your house will be at risk if you are made bankrupt but if you have no equity then a third party may be able to buy out the ORs interest for a nominal £1
Regards
Andam Davies
