www.iva.co.uk

Hello I have spoken to a few companies who have told me that I am a boarder line IVA/Bankrupcy case.

My question relates to my property. It is valued at 80k and I owe 73k on the mortgage. I also have a 22k secured loan which has 10yrs left to run.

Due to me being in such negative equity with the property, would I be allowed to keep the property on if I carred on paying the mortgage and secured loan throughout the bankruptcy or would the overall debt just be included with the bankruptcy and I would be evicted as the process went along?

It will all boil down to personal choice in the end.

I assume that as you have been advised that you may be able to IVA that you do have some disposable income to offer, so the choice will be yours ultimately. With the scenario that you have described, in BR your house should be safe as there is no equity for the Official Receiver to get his hands on, although you will have to buy out his beneficial interest.

With IVA your house is safe also, providing, of course, that you keep up to date with the charges on the property.

Hope this helps.

Regards.