If you ask a bank to repossess your house

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hara33

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Post by hara33 » Sun Mar 08, 2009 4:37 pm
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Hello,

If you ask a bank to repossess your house, do you have to become bankrupt?
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kallis3

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Post by kallis3 » Sun Mar 08, 2009 4:44 pm
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I don't think you have to become bankrupt, but you would have to make sure that you could fund any IVA payments and the shortfall from the sale of the house.
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
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David Mond

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Post by David Mond » Sun Mar 08, 2009 10:23 pm
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Plus any other unsecured debts that you might have.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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