Can I do an IVA if I have a house in my name?

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debbie847

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Post by debbie847 » Wed Jul 31, 2019 9:31 am
My situations complecated! My parents bought the property, but have put it in my name so I have something for my future. I pay them rent and I'm in a debt management plan but would like to do an IVA.
Would this affect me? My family no nothing about my debt

Foggy

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Post by Foggy » Wed Jul 31, 2019 9:52 am
You would have to commit to attempting to release equity in the property towards the end of an IVA. Assuming the property is mortgage free this could also cause some creditors to refuse an IVA and stir up a bit of a hornet's nest!

Is an IVA the best solution anyway ? How much do you owe in total and how much do you pay monthly to the DMP ? Who is running the DMP ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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