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Posted: Wed Oct 08, 2008 1:05 am
by supers
I have a buy to let property as well as my main home.It is impossible to sell my buy to let at the moment and the equity is almost zero (that is if i could find a buyer!).Would i still be eligable for a IVA whilst i have this buy to let property.My debt is £60,000.
Posted: Wed Oct 08, 2008 6:41 am
by plasticdaft
Your property would be safe providing the income from it pays the mortgage and any other associated costs involved in owning the buy to let.
Posted: Wed Oct 08, 2008 7:47 am
by MelanieGiles
The eligibility of proposing an IVA will be based on lots of factors, such as affordability and number of creditors. Whilst the existence of the buy to let property may not be a barrier, you would be wise to consult an insolvency practitioner for advice on all options.