Can you have an IVA if you have equity in your home and are not insolvent ?

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Nina.03

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Post by Nina.03 » Wed Jul 23, 2014 1:35 pm
Can you have an iva if you have equity in your home and are not insolvent
 
 

sponge

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Post by sponge » Wed Jul 23, 2014 3:43 pm
You need to explain your situation a little better as your question doesn't really make sense?
 
 

Foggy

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Post by Foggy » Wed Jul 23, 2014 4:07 pm
Hi Nina -- yes you can have an IVA ( if it is indeed appropriate) if you have equity in your home. Make sure your chosen IP explains equity VERY thoroughly.

If you are not insolvent, then an insolvency solution might be over the top to tackle the problem.

A lot will depend upon your definition of insolvent -- it is no longer strictly that you have less in assets than in debts. More, these days, that you have less coming in than you have going out on essential living expenses and debt payments.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

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Post by Michael Peoples » Thu Jul 24, 2014 9:37 am
We have proposed IVAs where there was more equity than debt and they have been accepted. However, you would want to show that you cannot remortgage and agree to at least attempt one in year five. Get some free advice and hopefully someone will show you the right option.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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