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Posted: Tue Jan 13, 2009 9:23 pm
by maureen44
Do you have to sell your house if you take out an IVA?
Posted: Tue Jan 13, 2009 9:30 pm
by Lisa2009
No, as long as you keep up your mortgage payments your home should be dafe. However, it will be required at some point during the IVA to release some of the equity for the benefit of your creditors.
Posted: Tue Jan 13, 2009 10:49 pm
by MelanieGiles
Do you have any equity in the property currently Maureen?
Posted: Wed Jan 14, 2009 6:56 am
by David Mond
Whatever equity you might have (normally valued in the final year of your arrangement) then 85% thereof (subject to LTV) will need to be contributed into your IVA and if by way of re-mortgage then that payment cannot exceed 50% of what you were paying into your IVA.
However if you have currently no mortgage or a mortgage where your current equity is high - creditors might want something now.