www.iva.co.uk

Hi.
If house prices continue to fall at the speed they are doing at the moment.
Because of falling house price we are already in negative equity. What happens in year 4 (in 3 years time) if we are still in negative equity or have only a couple of thousand equity. What happens if you have nothin to release ???

Would not that mean you are lucky??? And keep the house without losing any money unlike others???

Depends on the exact wording of the property clause but generally if your share of equity is less than £5k you would not be required to make a payment into your IVA in respect of it.

NBNA, why not have a look at the link and you may find some help there

NBNA - yes, we do offer IVAs. We would look at ALL of the options to resolve your debt problems. Please click on the link to get in touch.

Speak to your provider caraf, it may be that you will have to go to 6 years in lieu of no equity release.

Regards.

Under the current IVA protocol, there should be no extension of time if there is insufficient equity to be raised, but a number of creditors are now demanding a sixth year by way of modification. So much for agreed standardisation of our systems!