£27,500 worth of debt, £45,000 worth of equity

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Post by Katrina.hn » Mon Aug 09, 2010 6:54 pm
Hi, have recently been in touch with Debt Free Direct with regards to an IVA, went through all details all but inside leg measurement! as it is joint debt between my husband and I and we were going to go for a joint IVA. Informed them that I have £27,500 worth of debt and that I have approximately £45,000 worth of equity in the property. They still told me that I could have an IVA, is that right?


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Post by Shining » Mon Aug 09, 2010 7:15 pm
Hi and welcome to the forum, I don't actually know the answer to your question but if your equity exceeds your debt then are you insolvent? We'll keep this bumped up for a professional opinion. We do have Declan from DFD who posts on the forum during office hours so he may comment too.

I would always suggest taking the advice of 2 or 3 companies before any decision is made and all debt solutions can be discussed, you will get case specific impartial advice that way. xx
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


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Post by Lisa2009 » Mon Aug 09, 2010 8:40 pm
is that debt ammount between you or just yours?
If its just yours, how much does your husband owe?
http://mrsskint.blogs.iva.co.uk/ 'Our Story'

Nil carborundum illegitimi

Adam Davies

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Post by Adam Davies » Mon Aug 09, 2010 9:48 pm
If it is joint debt and joint equity I can't see how an IVA is suitable as technically you are not insolvent
Andam Davies


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Post by MelanieGiles » Mon Aug 09, 2010 10:09 pm
It is not DFD's decision, but that of your creditors. If they think that they can get this accepted, why not give them a go - and post the result on the forum so we can all see how they manage it!
Regards, Melanie Giles, Insolvency Practitioner
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