www.iva.co.uk

Hi
I am currently on a DMP and considering changing to an IVA as the DMP is going to take years to pay off. The only thing scaring me is can i lose my house, can they make me sell the house. I am disabled and my home is my security blanket where i feel safe.
Please can someone help ??

Thanks

Hi puppiduck (great name!) and welcome. No, they will not make you sell. If there is equity available, you will be asked to try to remortgage in the last year and pay the money into your IVA. If (as is usually the case) you cannot remortgage they simply extend the IVA by a further 12 months. If there is little or no equity, your IP can move to have the equity question taken out of the IVA.

Please have a look at www.iva.com and speak to a few of the IP's listed, to get specific advice.

I am sure some of our resident experts will be along to give better advice shortly.

Hi and welcome.

I successfully changed from a DMP to an IVA and still live in my home.

Which company are you doing your DMP with?

Hi
Did your existing DMP provider discuss an IVA when you initially spoke to them ?
Regards

IVAs these days are designed to protect your property - not put it at risk. Surely this would have been explained to you in depth by the company currently representing you in the DMP?

Hi
I have just recently changed from DMP to IVA It's early days for me but on balance if you can't pay back a DMP in under 5 years then an IVA could be a great option.

Interest and charges stop in a IVA and your property is protected. The IVA could protect you from any further legal action like CCJ's and Charging Orders.


You need to talk to a 2 or 3 IVA companies to compare

Kind Regards

Speak to your IP company to see if this is a viable option. It may depend upon how much disposable income you have.

It is possible you were advised to enter a DMP because there is too much equity in your property and you could sell and pay your debts in full. How much are your debts and how much equity do you have?

Hi Puppiduck

It seems to me that you need to speak to an expert so that an assessment can be made of your current financial circumstances in order to see whether or not an IVA is appropriate or whether some other solution might suit you best.

Don't rush into anything. Shop around. And only go ahead with something once you are satisfied you have considered all options.

Regards
Andrew Bowers
Licensed Insolvency Practitioner

The best thing you can now do Puppiduck is speak to a couple of cpmanies to get some advice - you will be under no obligation and if it turns out a DMP is the right option for you to be in then at least you will know you have explored things again. It it turns out that an IVa could be viable then you can get as much info and reassurance as you need before you proceed as you are already looking after your debts with the DMP.

The sooner you know the facts for you the better you will feel.

regards,

thanks for all your kind advice

The forum is always here for any advice and support.

Let us know how you get on.