Posted: Thu Jan 10, 2008 2:30 pm
i have a loan on my home .would this effect the iva
No, as long as you continue to pay the mortgage during the IVA. As the mortgage is a secured debt, the mortgage company will not participate in the IVA, but repossess the property instead if you stop paying it.
You should be aware, though, that it is now a standard term in all IVA proposals for homeowners that they remortgage their properties up to 85% value in teh final year of the IVA to release equity into the IVA for the benefit of the creditors.
Philip Beck - www.freeivaadvice.co.uk
Licensed Insolvency Practitioner and IVA specialist