hi,i am in some debt with my business of 30k

[lisa121]

hi,i am in some debt with my business of 30k and was wondering if i entered an iva paying 470 a month back but sold my shop within the 5 years and paid what was owing with the proceeds of my sale would i still have remorgage my house??? it is prob a silly question but i know nothing about ivas at all.thanks

[MelanieGiles]

Hi lisa and a warm welcome to the forum

This would depend upon the return that would be available to creditors taking account of the payments you would have made into the IVA to date, and the value of your business at the point of sale.

The higher the dividend eventually returned, the more change you may have of negotiating out of the equity release provision.

[lisa121]

thanks for the reply...so if i paid 20k of it and 10k was outstanding!is that what i pay or is there more costs?am so sorry but this is mind baffling at this present time as i have been worrying myself sick with worry with not knowing what to do for the best.thanks lisa

[David Mond]

You need to speak to an IP giving him/her all information about your assets and your Income and all your expenditure. From what little information you have given an IVA might be appropriate. Visit www.iva.com and see reviews on several practitioners and select one or two and have a chat - their advice is free and they will put you in the right direction. Good luck and don't worry.