I like the idea of an IVA except I don't understand how it will affect my house ?

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Nebiat

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Post by Nebiat » Tue Nov 25, 2014 10:48 pm
I like the idea of an Iva except I don't understand how it will afect my house ?is it gone affect my liggal rights on my property ?
 
 

Foggy

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Post by Foggy » Tue Nov 25, 2014 11:04 pm
They will put a restriction on the house so that it cannot be sold without your IP knowing about it.

Towards the end of the iVA you will need to try to remortgage to release equity. This will be fully explained before you agree to the IVA.
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 » Wed Nov 26, 2014 9:13 am
The property is almost always protected within an IVA as opposed to bankruptcy. Your retain ownership but the IP will place a restriction on it to stop you selling the property and running off to a Greek island without the IPs knowledge.
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
 
 

Adam Davies

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Post by Adam Davies » Wed Nov 26, 2014 9:36 am
Hi and welcome

The main idea of an IVA over bankruptcy is to protect any property assets. However be aware that you may have to introduce some of your equity share into an IVA by way of a remortgage or secured loan

Regards
Andam Davies
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