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I have a £32,000 mortgage and live in a small house which is now worth approx. £100,000 - will I be able to keep my home if I enetr into an IVA ? I only earn approx £600 net per month and so could not re mortgage ? The house is in joint names (me & partner) - I estimate that I have about £23,000 in debts. My partner was self-employed but his business has virtually collapsed, so we are left with just my income. He also has unsecured debts of around £15,000.

Hi Jean

As you are not insolvency - due to the equity in your property, then you will be unable to propose an IVA to your creditors. I suggest you look at a Debt Management Plan as an alternative, if you do not want to sell your property to pay off the debts.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk