Hi, two questions.
When during setup would you know if you house is safe(very little equity now anyway)
What happens to your bank account ie overdraft as i am in to it every month ?
Most people enter into an IVA to protect their assets so the house would be safe after completion.
If you have debts with your current bank you need to change to a basic account somewhere else where you have no debts.
The very best thing to do now is speak to an insolvency practitioner to find out what involved, ring a few. Some very good IP's post on here to get a feel for it all.
Its a very scary time but once you know whats out there in terms of a solution and are better informed about whats involved you will start to feel better.
Do you mean whilst you are setting up an IVA? IVAs are designed not to put your property at undue risk, but you may be required to raise equity against the property at some stage - usually in the final year.
Your overdraft will need to be included in the IVA.
If you haven't already done so, I recommend that you contact an Insolvency Practitioner for advice.
Visit www.iva.com where there are lists of companies. Alternatively, there are several IP's who post on here. Visit the experts page and their details are on there.
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
Hi Rickb, welcome to the forum.
We're all on hand to answer questions if we can, and offer support whenever you need it.
What people have said is good advice, speak to an IP as soon as you can to see what your options are
Good luck
C x
