I’m thinking about an IVAas I have over 35k of debt, but I have a second mortgage my daughter lives in the house and she pay me to cover the mortgage...would i have to sell it? currently about £15k equity in the house.
I also owe my home would I have to sell that?
My car is pcp would I have to hand that it?
And lastly how much would I be allowed in my current account?
Sorry for all the questions
You need to speak to an IVA company for proper advice. You won't have to sell your main home but may have to try and release some equity towards the end. Not sure about your second home.. Your car will depend on the company you are with . You will be allowed enough to cover your payments and your allowances. It is also recommended that you change your bank account and do not have an overdraft.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The house your daughter lives in basically pays for itself, so should be no issue from that point of view, but it, along with the house you live in, will need to be looked at for equity release towards the end of the IVA. However this will need to be discussed, in detail, with a provider at the ouitset, to avoid any surprises later on.
From the IVA perspective, the PCP should also be OK, as long as it is a reasonable vehicle for your needs and you should be allowed to continue with the payments. However, you would need to check with the finance company as to how they would react to the IVA themselves. You will also need to think about the end payment. Many are unable to finance a balloon payment, and, most times ( not all) the PCP company will not re-finance another vehicle.
As for money in your account -- anything over a few hundred will be expected to be paid to creditors. After that you will have little opportunity to accumulate any great sum, so it would not come into question.
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