It will only be repossessed if you fail to keep up with the payments. You will be expected to try and remortgage towards the end of the term if you have any equity.
Speak to one or two companies - Andy Davie/Vincent Bond (details under ask experts a question link on the left hand side of the page) 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
One of the main thrusts of an IVA, as opposed to going bankrupt, is to protect your home. So, as said above, as long as you keep up the usual mortgage payments, the house should be safe.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Yes if you dont keep up with your mortgage repayments or fail the IVA and find yourself facing Bankruptcy or creditors placing charges on your home for their debt.
