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Posted: Thu Feb 21, 2008 7:05 pm
by mandw
we are looking to do a full and final iva as i have a bussiness to sell, our house has an 85% mortgage , and i would like to know if we have to sell the house after the full and final is complete will our creditors expect all or some of the money from the sale ?
Posted: Thu Feb 21, 2008 7:19 pm
by aguise
Hi there and welcome to the forum.
I am not able to answer your questions but hopefully one of the technical experts will be along soon to advise.
Ang
Posted: Thu Feb 21, 2008 7:42 pm
by Cybus
You will need to provide further information to get an informed answer, please.
Do you know how much you actually owe?
Are all the debts yours personally?
Will there be any liabilities from the business that have personal guarantees attached? Or will all business liabilities be settled?
What sort of equity is there likely to be in the property?
Posted: Thu Feb 21, 2008 7:47 pm
by Adam Davies
Hi
If you have a full and final accepted and concluded then any equity from your house can not be asked for.
The important thing is to make sure that the IVA is CONCLUDED,is off the insolvency register and you have a satisfaction certificate from your IP
Regards