If IVA is rejected, will i be forced to sell my property & go bankrupt?

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jackie226
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by jackie226 » Sun Feb 04, 2018 3:27 pm
If Iva is rejected because the equity in my joint property is higher will I be forced to sell. If I am up to date with payments can they make me go bankrupt
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Foggy
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by Foggy » Sun Feb 04, 2018 3:35 pm
If the IVA is rejected it is unlikley that you will be made bankrupt, especially if you are up to date with payments. Bankruptcy is a very expensive enterprise for creditors and they do not usually go for it if they can see a better way of getting more back in the long run.
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jackie226
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by jackie226 » Sun Feb 04, 2018 7:19 pm
Foggy wrote:
If the IVA is rejected it is unlikley that you will be made bankrupt, especially if you are up to date with payments. Bankruptcy is a very expensive enterprise for creditors and they do not usually go for it if they can see a better way of getting more back in the long run.



What do you think they will offer as a solution if the Iva is rejected. I am worried they will reject it because of the equity that I have. The property is jointly owned so I can’t really remortgage
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Foggy
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by Foggy » Sun Feb 04, 2018 7:30 pm
It would really depend on the reasons for rejection. They might agree to a debt management plan if you cannot keep up the contractual payments.
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Lisa Thomas
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by Lisa Thomas » Mon Feb 05, 2018 9:55 am
If the IVA was rejected and if I was a creditor, depending on the sums involved, I would consider getting a secured charge on your property.
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