www.iva.co.uk

My brotehr in law wants to go into a IVA, but has had advice from a local company. That due to him and his wife having approx 50k in equity, in the home and his wife having further savings, he can not do an IVA !! I think the 50k equity is if they sold at the top of the market, not at todays prices.
Thanks

Hi and welcome to the forum

For IVA purposes the valuation should be based on quick or forced sale. If your brother speaks to a few companies he will find one that is right for him

Visit www.iva.com for a list of companies and give one or two a ring for some free advice.

We have a fair amount of equity in our home and have been able to do an IVA.

As others say it's worth talking to another company at least and by talking they could discuss all debt solutions not just IVA and I'm sure a relevant solution for him could be found. x

It does sound strange and perhaps a local IP firm has little experience of IVAs so he should seek at least a second opinion.

How much debt does your brother in law have? If the equity and his wife's savings are higher than the debt, this may be why the company he has contacted say it's not possible to do an IVA.

We are finding that creditors are pretty disinterested in equity in properties at present, unless of course there is a massive amount and only a low level of debt. I would get a second or a third opinion before you choose your solution.

Hi

Great advice

A second or third opinion may be well worth it

Regards