I own my home, am i eligible for IVA?

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norman593
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by norman593 » Wed Jan 17, 2018 11:51 am
My wife and I own our home with no mortgage, will I still be able to enter an iva?
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Foggy
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by Foggy » Wed Jan 17, 2018 11:53 am
It will depend on the level of debt and the value of the home, as well as how your own creditors view it. But certainly worth a chat with a few firms for specific advice. Owning a home in itself is not a bar to an IVA, but, as usual, it all boils down to figures.
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kallis3
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by kallis3 » Wed Jan 17, 2018 12:32 pm
Agree with Foggy - contact a few companies for some advice.
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Ryan
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by Ryan » Wed Jan 17, 2018 1:04 pm
Hi Norman,

Have you had a chat with a Mortgage Broker to see if you are able to raise money against your property to repay the debts rather than entering into an IVA?

Regards
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Shaun Vickery
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by Shaun Vickery » Wed Jan 17, 2018 5:24 pm
I'd recommend seeking some specific advice from an insolvency firm (perhaps one of those running this forum). The fact that you own property does not PREVENT you from entering an IVA but they would need to establish whether you are insolvent, particularly as you have no mortgage. They will also be able to help you look at alternatives like re-mortgaging with you to see if that's an option.
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Lisa Thomas
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by Lisa Thomas » Thu Jan 18, 2018 9:40 am
Yes but that doesn't mean an IVA will be the best option for you. Speak to an IP for some advice.
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