would the creditors be able to take my investment

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rabz_87

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Post by rabz_87 » Sun Jan 11, 2009 11:41 pm
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hi
i wanted to ask if i do a iva would the creditors be able to take my investment away from me i.e a house that i hav got which is on rent? apoart from the one i live in
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Lisa2009

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Post by Lisa2009 » Sun Jan 11, 2009 11:43 pm
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Your houses would be safe im sure BUT you would be required to release equity in both at some term during the end of the IVA.

Be aware though, if the equity in your properties is more than your debt, you wont be classed as insolvent and an IVA would not be suitable.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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MelanieGiles

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Post by MelanieGiles » Mon Jan 12, 2009 12:07 am
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The equity release provision only relates to the dwelling house - ie that property in which you live. Your investment property would be deemed surplus to your own requirements, but so long as it were making a profit you could be allowed to retain it until the end of the arrangement when creditors would probably want it sold if there were equity in it at the time.
Regards, Melanie Giles, Insolvency Practitioner
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