will my home and car be taken away from me ?

[sarah.7]

If i take out an IVA will my home and car be taken away from me

[Lisa2009]

Hi sarah and welcome

You will not lose your home, although at some point during the IVA you will probably be required to release some of the equity to pay to your creditors.

Is your car of significant value?

[MelanieGiles]

It really depends upon your circumstances to be frank, but Mrs Skint is correct in that houses are rarely requested to be sold.

If a car is necessary for transport to and from work, then so long as it is not of excessive value it ought to be safe.

[Beechy]

I think I prefer Mel to frank (see above)

anyway, Hi Sarah 7
One of the significant advantages to an IVA is to protect your property, there could be equity release to the end of the IVA, but at least you will not have to find 3rd party funding as in Bankruptcy who would buy the OR interest.

So TO MOVE FORWARD, details of you income and expenditure are required along with your creditor details, the value of your property and the outstanding secured loans, and details of your car and any outstanding finance.

I think that would do for a start

Good luck
Dave

[Soulgrowth]

Hi Sarah

Just wanted to say welcome to the Forum.

You are amongst friends here ... both experts and those of us like you who simply are or have addressed our debt problems.

So stay in touch with the Forum and ask questions as and when they arise.

Debbie