www.iva.co.uk

Ive been on a Iva since 05-03-2020 with Payplan, I’ve got my annual review coming up, but when I first call them beginning of last year I was vunarable and desperate help with debt and I just want to go on aDMP and pay my creditors what I can afford, advisor gavee 3 options and recommended Iva because it won’t effect my property, vunarable said yes but since on it reading reviews I am stressed every day, I type 1 diebetes and deal with mental health, on medications, my debt are unsecured loans, my debt are about £8000 which I didn’t believe I thought it would be £7000 but I realised there added couple of creditor from my credit file that I don’t owe money to it was from years but what worry me a lot the house is on a joint me and my wife’s, I’m on a Iva not my wife, we bought house for £93000, we bought the house in 2007 and we got £60000 left to pay, can there really make me sell equity, I don’t want to stress my wife, dvicewe been married for 26 years and this could us, I’m panicking so much, can you advice please

They will ask you to release equity, or try to, by getting a remortgage or, possibly, a secured loan. You will not have to sell the house to get cash. If you cannot get a remortgage or loan then IVA will be extended by 12 months extra payments.

I presume your wife is aware of your iva and her income has been used to help assess your monthly payment to your iva?

Your level of debt is relatively low for an iva compared to a lot of others and therefore your equity release clause will be a lot smaller than most.

As foggy says in the 4th year you will be asked to look into releasing a small amount of equity; if this can't be realised then 12 months extension will be added to your iva. Your house will not need to be sold or come into question.

Don't panic over this - use this forum to ask your questions, we will help and support you get through this period of uncertainty in your life.