would my house ever be in danger of being sold

[gazza44]

I have no equity in my home nor do I have an endownment policy. Would this affect my application? Also, would my house ever be in danger of being sold even if I kept up the agreed monthly payments. Regards

[MelanieGiles]

Hi gazza 44 and welcome to the forum

The fact that you have no material assets will not affect your ability to propose an IVA to creditors, however your may have to face raising equity against your property (assuming it may have increased in value) during the final year.

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

[iva_squirrel]

Good morning,

No you will not loose your home. But should you have equity in your house then this will be taken into account at some time during the arrangement (usually at the end).

If there is a joint owner of the property and this person is not party to the debts in the arrangement then their share of the equity does not have to be included in any offer to creditors.


Kind regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

[Adam Davies]

Hi
If you fail to keep up the payments in an IVA and it is failed then you may well be made bankrupt and your house would then be at risk.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[gazza44]

Thanks for the replies,

I have credit card debt (up to £265000) and also have secured and unsecured loans. One unsecured loan is on my car, will I be expected to give up my car? I also have secured loans, can anything be done with regards to these or will that put my house at risk? Thanks for your help, I'm feeling really down at the moment as I am so worried about all of this.
Gary

[gazza44]

Sorry, the above is incorrect, credit cards are at £26,500!!

[BlueShoes]

Blimey, I thought £265,000 was going some!
Blue

[Adam Davies]

Hi Gary
Your car should be safe in an IVA unless it is very valuable.Your secured debts can not form part of your IVA so you will have to pay those as a priority.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp