Im thinking of applying for an iva,

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Post by michael.88 » Mon Jun 21, 2010 10:20 pm
Im thinking of applying for an iva,but am worried as to how it will affect my current mortgage,if i go down this road will we be able to keep our home ?


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Post by Shining » Mon Jun 21, 2010 10:25 pm
Hi Michael and welcome to the forum. There are a lot of posters myself included that live in a mortgaged property, during the 4th year you will almost certainly have an equity clause written into your IVA whereby you will need to release some equity to pay to the creditors. Have you taken any professional advice yet?

Always make sure you take the advice of 2 or companies to ensure you get case specific impartial free advice on all debt solutions suitable for you.

Try for a list of companies and some reviews of these. Our professionals who post on the forum also come highly recommended and can be found via the experts link.

IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


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Post by kallis3 » Tue Jun 22, 2010 8:31 am
Welcome from me as well and excellent advice from Lesley.
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.
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Post by Tina Shortland » Tue Jun 22, 2010 10:19 am
Hi Michael,

This is always a homeowner's biggest worry when looking into sorting out their debts.

As Lesley rightly advises, its best to discuss your situation with a couple of companies so we can look at the whole picture for you.

With the right advice you will not sign up to anything that is not in your best interests so it is important to understand al the options and implications of each.

The only time an IVA option may suggest someone moving from their home is if the cost of living in it was extraordinarily high compared with renting or if someone had serious negative equity and wanted to move to rented so the mortgage shortfall could be incorprated into the unsecured debt. Either way, if you were not happy with the option then it would point you in the direction of an alternative debt solution.

An experienced IP company will advise you of your options based on the details of your own situation and take the necessary time up front to help you make the right decision for you.

Any more help we can give let us know,

Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at

If you’re ready to ask us for specific advice or help, then get in touch at so you can start to free yourself from the stress and anxiety of overwhelming debt.
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