Normally the point is to protect the property but in a few instances you may be required to sell. This would normally only be where there are debts to HMRC so speak to an insolvency firm for more advice.
Agree with Michael - also remember that you will need to keep up your mortgage repayments.
Give Andy Davie/Vincent Bond a call for some free advice.
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
Hi Carol - usually an IVA is set up so that you get to keep your home but it does depend on your circumstances. All of this should be explained in detail when you meet your IP for an initial meeting. Choose one local to you to meet face to face.
The IVA was introduced in 1986 with one of the main aims to protect the debtors house, the alternative of bankruptcy usually resulted in the family home having to be sold
