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Hi all. It looks like i'll be heading for an IVA soon but have a question. We are currently renting a house but in the next few years i am hoping to split my parents land and be able to build on this land. Although it sounds expensive this should yeald a fair amount of profit ( approx 1/3). If i am in the middle of an IVA and this was to all go ahead how would this effect the IVA? Any thoughts greatfully
appreciated. Reference my current situation i owe approx £33k with 4 creditors, salary is £30k.

Cheers

This will be difficult for you, as you will need to obtain a staged mortgage to cover the cost of the building work, which may be expensive, and you will also need to cover living costs whilst the property is being built. If someone else was to cover the building costs - ie your parents, then this would be more likely.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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Obviously you would need the permission of your IP to raise the bridging loan/mortgage.

A bridging loan may not necessarily be expensive; some are available from 0.5 to 2% above base rate, however obtaining one whilst in an IVA may be difficult.

Also creditors would want any equity (increase in the value of the ‘new build’ property), to be considered at the end of the IVA, but only if the total debt was not repaid in full and there was still a shortfall owed.


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Many thanks for your advice.
A

Hi Andy,

If you are looking for an IVA firm to represent you, you might find www.IVA.com useful. We maintain a list of IVA firms and IPs and publish reviews of their services that have been posted by their clients.

You can now also apply for an IVA firm to represent you through IVA.com.

Good luck with finding the right solution for you.

Kind regards,
Terry Balfour
IVA.com

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