If you take out an IVA will you loose your house??

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lenette

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Post by lenette » Fri Jul 04, 2008 8:20 pm
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Hi
If you take out an IVA will you loose your house???
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angela18

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Post by angela18 » Fri Jul 04, 2008 8:27 pm
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hi lenette
welcome to the forum..we are in IVA and we still have our house.. you just need to maybe remortgage in last year to pay a lump sum
Ang.. 13 payments in.. WOW, thats over 20% paid!! http://angela18.blogs.iva.co.uk/ well here we go

if you wish for a rainbow... then you have to put up with the rain xx
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Lisa2009

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Post by Lisa2009 » Fri Jul 04, 2008 8:44 pm
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You will not lose your house but as Ang has already said, you will be required at some point during the term of the IVA to release some of the equity to pay to your creditors.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


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Soulgrowth

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Post by Soulgrowth » Fri Jul 04, 2008 9:16 pm
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Hi lenette ... and a warm welcome to the Forum.

One of the great advantages of an IVA is that it can protect your home, which you will likely lose under the alternative of bankruptcy. As the others have said though, you may have to release some quity towards the end of the IVA term.

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MelanieGiles

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Post by MelanieGiles » Fri Jul 04, 2008 9:34 pm
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The other posters give good advice here - in that so long as you keep your side of the bargain to pay your IVA payments over a period of time, and address the equity in your property during the final year, then your house ought to be fairly safe.
Regards, Melanie Giles, Insolvency Practitioner
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plasticdaft

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Post by plasticdaft » Fri Jul 04, 2008 9:54 pm
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Is the amount of equity to be released decided at the start of the IVA??

Just wondered as its a fixed amount up here in haggis-land,which is sorted at the beginning of the trust deed.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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MelanieGiles

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Post by MelanieGiles » Fri Jul 04, 2008 9:58 pm
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No - you have a much better system with Trust Deeds, but of course you do have to release all of the equity. In an IVA it is a gamble on the property market either going up or down over the five year period, but you are left with 15% of your equity intact.
Regards, Melanie Giles, Insolvency Practitioner
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