Hello, can any of the experts answer this question please. What happens if an IVA becomes unaffordable due to downturn in trading partnership profits (husband & wife team) and bankruptcy is only option but only for the partner with main debts.Whlst I appreciate it is possible for the IVA to be reneg...

Hi David, thanks for your input.Whilst waiting for the advice from Melanies lawyers would you be able to advise me on the impact on the IVA and what would happen re the deficit because of the negative equity if the buy to let mortgage companies were circulated at the time of the proposal. Can you cl...

Thanks Melanie,
I would be very interested in receiving the definitive answer. I dont want any surprises later on down the line !
Kind Regards

Hello Melanie,
thanks for replying. The property was in negative equity when IVA proposed. Does it make a difference if the IP didnt circulate the mortgage company? I am not sure if they were made aware of the IVA..

I Look forward to your reply
Thanks

Hello, can anyone advise me please? What happens if a BTL property currently detailed in the IVA and in negative equity is repossessed during the term of the IVA because of tenants not paying rent leading to mortgage not being paid? What effect would it have on the IVA and what would happen to the d...

Hello Elizabeth, thank you so much for your detailed answer, I am a little clearer now. May I ask you a couple of other questions please ? Am I correct in understanding then that under the terms of an IVA nobody can make you bankrupt other than the supervisor if you default on the IVA? I thought it ...

Hi, I have a question... What happens if during an IVA your mortgage payments go into arrears although the IVA payments are being made... and the mortgage company starts repossesion proceedings. Would this contravene the IVA and also what would happen if the house got repossesed....would the term of...

[quote] Originally posted by MelanieGiles As Mrs Skint has also mentioned - it is a standard requirement these days to pledge to raise equity during the final year of the IVA, based upon a maximum borrowing of 85% loan to value. Hello Melanie, may I ask you a question? What happens if there is no eq...

Hi there, I,m new here. Can I ask a question if possible. What happens if there is insufficient equity in your property in the fourth year? Does the IVA payment each month continue until the creditors receive their full dividend. Ie if you have paid 30p in the pound at that point and then need to pa...