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Posted: Sat Oct 18, 2008 9:25 am
by wobly123
if my debts were all unsecured ie credit card debts etc and the main reason i took out an iva was that i believed that an iva was the best way to protect my house. have i done the wrong thing in taking out an iva when really nobody could have taken my house and i have now changed that for a secured loan in the form of an iva
Posted: Sat Oct 18, 2008 10:21 am
by Viki.W
Hey wobly123, I see what you mean but if you were struggling to pay your debts and I presume you didn't want to go bankrupt, then an IVA would have been great way to help you. Your IP is not going to take your house from you but you may have to release some equity. Surely that is better than losing the house completely. Don't forget, your remortgage payments can only be half of your IVA payments and you will be debt free at the end.
Posted: Sat Oct 18, 2008 11:37 am
by MelanieGiles
Only you can decide that - but there are many "bankruptcy assist" companies out there who would seek to tell you that this is the case!
If you feel that you have done the right thing, by offering ongoing payments to your creditors for the money you borrowed, then the IVA was clearly the right choice.