www.iva.co.uk

Hi all

A friend at work who is considering an IVA or Bankruptcy has asked me a question. If he goes the BR route would he loose his home? He is in negitive equity to the tune of around 30k.

I couldnt answer this so if anyone can I can let him know

cheers

FB

Hi Frank,

If he is in negative equity, it is highly unlikely that he would lose his house. It would just cost him £1 + £211 costs to buy the beneficial interest from the OR and the house would be taken out of the equation.

He would of course, have to continue to pay the mortgage and any other loans secured on it.