A posting about forced house sale has me worried. Why does this poor guy have to sell home ?

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Mal81

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Post by Mal81 » Mon May 12, 2014 6:07 am
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Hi all, I've been reading posts on this forum, one in particular got me worried!! Post read forced house sale to release equity. I'm worried this could happen to me!!! I'm into my 4th year of IVA, my wife isn't in the IVA. We have approx 60k equity. I entered IVA 34k debt I pay £250 per month never missed a payment. G&T also claimed 5k ppi back. We have two children under 16. Surely they can't force a house sale and make a family homeless???? I was on debt management for a year, and was told IVA would be better etc. If I knew then what I know now I wouldn't of entered into an IVA.!!!!!
Most posts read extended for 12 more payments. So why does poor guy have to sell his home???
I will be reading my small print of my IVA paperwork later today.
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Foggy

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Post by Foggy » Mon May 12, 2014 7:30 am
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Hi Mal. It is a very rare occasion that would see the sale of a home and, as you surmise, the answers to your situation will lie in your paperwork.

Not so long ago there were some very onerous clauses for equity release, but these are dying out now.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Michael Peoples

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Post by Michael Peoples » Mon May 12, 2014 9:01 am
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It is unusual to have to sell your house and if you were someone in this situation it would have been explained at the time the IVA was agreed. You should be fine.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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Adam Davies

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Post by Adam Davies » Mon May 12, 2014 10:17 am
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Hi

Not really much point in an IVA if you end up having to sell your property

As others have said you will be fully aware before you agree the IVA if there is a requirement to sell your property

Regards
Andam Davies
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