www.iva.co.uk

Posted: **Wed Jul 04, 2007 10:09 pm**

i HAVE DEBTS FOR APPROX £30,000,I OWN MY HOUSE OUTRIGHT, IF I OPTED FOR IVE, WOULD I HAVE TO SEEL MY HOUSE AFTER THE FIVE YEARS WERE UP?

Posted: **Wed Jul 04, 2007 10:11 pm**

Hi chas and welcome to the forum

How much is your house worth? If more than your debts, then an IVA is not suitable, but perhaps a mortage to raise enough to pay them off in full is a more sensible option.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Posted: **Wed Jul 04, 2007 10:37 pm**

Thanks Melanie, my house is worth around £400,000. So should i opt for a mortgage? or go for a secured loan?
Regards
Chris

Posted: **Wed Jul 04, 2007 10:43 pm**

Go for the cheaper option - probably a mortgage, and with that level of debt compared to the value of your property, I would have thought you would get a good rate. But do take proper investment advice, as I am not qualified to advise you on mortgages or secured loans.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Posted: **Wed Jul 04, 2007 10:46 pm**

Thanks for your advise Melanie, i will look into both in detail.
Regards
Chris

www.iva.co.uk

would I have to sell my house?