A friend at work who is considering an IVA or Bankruptcy has asked me a question. If he goes the BR route would he loose his home? He is in negitive equity to the tune of around 30k.
I couldnt answer this so if anyone can I can let him know
cheers
FB
Last edited by Frank Butcher on Thu Mar 12, 2009 9:47 am, edited 1 time in total.
If he is in negative equity, it is highly unlikely that he would lose his house. It would just cost him £1 + £211 costs to buy the beneficial interest from the OR and the house would be taken out of the equation.
He would of course, have to continue to pay the mortgage and any other loans secured on it.
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
