I own property with my mother, if my IVA fails will they ask her to leave house?

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mark197
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by mark197 » Sat Mar 24, 2018 5:33 am
My debts were not secured against my property which I own with my Mum. My debts were out of control 20k.
I was offered an Iva to help stop the creditors and manage my money but feel I was mislead. I started at 200 per month and now because I earn well they want800 per month. My money has dropped and now I am struggling. Could they kick my mum out of Home if it fails?
I have talked with them and asked them to reduce the payments which they might but it is very difficult and don’t want my Mum to lose the family home we were all bought up in.
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kallis3
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by kallis3 » Sat Mar 24, 2018 8:55 am
Hi,

Speak to them and explain and ask to do a new I&E so you can hopefully lower your payments. Your IP company can lower your payments by 15% without resorting back to your creditors.
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Foggy
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by Foggy » Sat Mar 24, 2018 9:03 am
They are happy to increase payments when things are going well and are able to reduce them when they are not. They cannot force a sale of the house in the IVA. However, if the IVA fails, the creditors can then chase you for the debt and would be able to put charges on the house or, in the worst case scenario, make you bankrupt. With fees as they are they would have little to gain from BR.

Hopefully your IP wil be helpful.
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Lisa Thomas
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by Lisa Thomas » Mon Mar 26, 2018 8:35 am
Question the figures of £800 if you think they are not affordable.

Either you have not disclosed your I&E fiukly, there has been a miscalculation, or you are overspending on non essential items.

The property is at risk if the IVA fails, as Foggy has said.
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