I am in an IVA and have paid the amount that I am supposed to. I own a second property where the rent is used to gain some income as I do not work. How will this affect my IVA?
Is the income used to pay the mortgage? If there is any additional income then you will need to inform your company.
If you don't work, how can you pay your IVA?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Welcome to the forum Steve. Second property income would be used to assess your affordability to your iva.
If you are not working - are you claiming benefits ? How has your Income and Expenditure been calculated ? Do you have a partner whose income is taken into account within the iva ?
If you could provide a few more answers we may be able to offer a fuller response?
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
The property will have been addressed within the IVA in some way. The income will have been used to assess your affordability and the property itself will have been excluded, included for a remortgage or even listed as an asset to be sold. You need to check your actual proposal to see how it was dealt with.
If you are already in an IVA and have disclosed this then it will already have been dealt with. Check your proposals and paperwork to see what you agreed to.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by luluj
Welcome to the forum Steve. Second property income would be used to assess your affordability to your iva.
If you are not working - are you claiming benefits ? How has your Income and Expenditure been calculated ? Do you have a partner whose income is taken into account within the iva ?
If you could provide a few more answers we may be able to offer a fuller response?
Hi thanks. No partner and no benefits due to income. One property's income pays for both mortgages, but not possible anymore with rises in service charges etc. Had mortgage and service charge arrears so not able to remortgage or borrow. There is equity in second flat but it's my income..will I be required to sell it...I have paid 30 excluding PPI and there was originally 50.5. Thanks
As said on the other thread, Steve, what they want done should have been agreed at the outset, if the second property was disclosed. Check your proposal and Chairman's Report.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If the net rental income was used for your contributions and this is no longer possible then you might need to put forward a variation to either reduce payments or accept payments to date in f&f settlement.
Thanks. Second property income pays for both mortgages...which have been in arrears but ok now...no partner..no benefits..there is equity in second property but it's only income I have...have paid what IVA required.and paid PPI on top..will they make me sell the other property..it's my only income...and I have paid the figure I was required to. Grateful for your advice. My regular payments took ontp account the rental income.Thanks.
quote]Originally posted by luluj
Welcome to the forum Steve. Second property income would be used to assess your affordability to your iva.
If you are not working - are you claiming benefits ? How has your Income and Expenditure been calculated ? Do you have a partner whose income is taken into account within the iva ?
If you could provide a few more answers we may be able to offer a fuller response?
[/quote]
Agree with Foggy - you need to sort out what was agreed with regard to the second property on your original agreement
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
