www.iva.co.uk

Hi,

I'm currently in a high level of debt, having looked at several websites for IVA's I am almost certain that I would qualify. One problem I fear I may have though is while I am resident in the UK (living with parents)I own and pay a mortgage on a property in Spain. I am still resident in the Uk and work for the MoD. Do you think owning a property in spain might affect my chances? My mortgage is a euro mortgage but it is held with a British Bank.

Hi and welcome.

I am not sure about your property abroad, but I imagine you might have to sell it.

One of the technical experts will be able to advise further.

Your iva would be worked out on the amount of disposable income you have left after paying your priority debts.

It would be a help if you could post further information about your debts.

Hi there

I would discuss this with a professional before making any decisions, have a look on www.iva.com for reviews of insolvency practitioners (IP's) and call a couple.

I don't know about the house abroad I am affraid but don't get alarmed thinking about you might have to sell it unitl you have spoken to a professional.
If thats your only property it may be ok.

Wait for further advice
Good luck
Emma

Hi there

Ownership of a property abroad will have absolutely no effect on your ability to present an IVA application to your creditors. You will have to get valuations of the property to see if there is any equity, and may be asked to sell the property if there would be money which could be released and paid to creditors.

It would be beneficial to speak to an IP in more detail, to see what other options there may be available to you as well as an IVA.

Yes, get all of your financial facts and figures together and discuss with a practitioner - values in Spain have gone down much more than in the UK.