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Posted: Wed May 28, 2008 3:34 pm
by scott.b
i currently owe on about six different credit cards and i have properties which are not in arrears and the rent is covering the mortgage payments would my properties be affected by the iva
Posted: Wed May 28, 2008 3:39 pm
by indebtforever
i am no expert one will be along soon but i havent seen many iva`s on here that havent got and equity clause.
Posted: Wed May 28, 2008 3:43 pm
by butterflies
I may be wrong (and someone will correct me)but I think they will be classed as assets.
blue
Posted: Wed May 28, 2008 6:22 pm
by cfnc
I am pretty sure that they will be classed as asset, unless maybe they have no equity in them and then the equity clause will kick in, or they are your income/job.
I would expect you will need to give more information so an expert can advise you correctly.
Kirsty
Posted: Wed May 28, 2008 8:52 pm
by Adam Davies
Hi
If they have equity and that equity is more than your unsecured debts then an IVA will not be possible.Otherwise you may well have to release equity from them in the final year of the IVA.If they start to cost you money then you will,more than likely,have to sell them.
Regards
Posted: Wed May 28, 2008 10:23 pm
by Lisa2009
Would it not be easier for you to sell some of the properties and just pay back your debts in full?
If i was a creditor and any of the properties had equity, i would probaby see that as the best option.
It would also probably save you from a tarnished credit record.
Just my opinion please understand
Posted: Thu May 29, 2008 1:51 am
by MelanieGiles
If they are investment properties, you will be likely asked to sell them and use the sale proceeds to pay off your creditors.
Posted: Thu May 29, 2008 2:02 pm
by plasticdaft
I wish I had enough money to invest in property!!! Could maybe afford a quarter of a garden shed right now!!!