Posted: Wed Feb 20, 2008 9:55 am
if i go for a iva will i lose my house
Hi tmc and welcome to the forum
Definately not, but you will be required to have the property revalued during the final year of the IVA and raise any equity you have, based upon lending of 85% loan to value. This money is firstly used to repay your existing mortgage, and if there is any left over you have to hand it over to the Supervisor for the benefit of your creditors. There is a £5,000 deminimis limit, and your new mortgage payments have to be limited to 50% of the value of your IVA contributions.