Will this help or hinder the IVA process?

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F75

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Post by F75 » Sun Mar 09, 2008 3:45 pm
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We are just in the process of taking out an IVA, whilst we been filling all the forms in etc our circumstances have changed and we now envisage selling our house. Will this help or hinder the IVA process?
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carlmcmullen

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Post by carlmcmullen » Sun Mar 09, 2008 3:48 pm
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Hi F75 and welcome.

Can you post a few more details.

How much are your debts ?

What level of equity will you expect from the sale ?

How much is your mortgage payment ?

Do you intend to go into rented accomodation ?
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go_4_broke

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Post by go_4_broke » Sun Mar 09, 2008 9:32 pm
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Hi F75

It largely depends on what you intend to do with any proceeds of the sale.

If you were to make them available to the IVA or transfer them to a new property it probably wouldn't make much difference.

If you were planning to spend them and then go for the IVA later it might make a difference if you were otherwise in a marginal situation.

There's no fundamental requirement to own property to enter an IVA, in many ways its better if you don't.

Other than that you would need to give more definite figures, as Carl suggests above.

Best Regards
Please view my blog at www.go4broke.blogs.iva.co.uk

'Vive la differentness'
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