Iva possible being a homeowner

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Pleasehelp

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Post by Pleasehelp » Wed Apr 03, 2019 6:47 pm
Hi

Me and my wife have debts of Aprox £225k

We have disaposabel income of around £500 per month

Would an iva be an option as we are homeowners and have 25-30k equity in the home at the moment

Any help
Would be great trying to sort things after hiding from
The debts for a while

Foggy

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Post by Foggy » Wed Apr 03, 2019 7:33 pm
On the face of it an IVA could be possible, but this would depend on an in depth analysis by a qualified IP. Being a homeowner is certainly no bar.
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

Zakdebtfree

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Joined: Thu Mar 28, 2019 11:55 am

Post by Zakdebtfree » Wed Apr 03, 2019 7:53 pm
Hi

Me and my wife have Aprox 225k debt we have disposable income of around £500 a month.

We are home owners and have about 25-30k equity in the house at this current time.

Would an iva be possible even though we are home owners

Many thanks

Foggy

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Post by Foggy » Wed Apr 03, 2019 7:57 pm
Topics Merged as presumably posted by the same person under different usernames
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

luna

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Post by luna » Thu Apr 04, 2019 6:22 am
Hi,

An IVA is a great way of protecting your home and equity as you continue to pay your mortgage throughout.
We had 200k debt and a lot more equity than you and although I believe there are more ways of re-mortgaging at the end now we could not and our mortgage was paid off shortly after we finished.

Good luck

Regards.
IVA completed with StepChange.
Last payment Sept 2016 CC Oct 2016

Lisa Thomas

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Post by Lisa Thomas » Thu Apr 04, 2019 8:09 am
Yes it is possible, especially as the estimated IVA outcome is compared to the estimated Bankruptcy outcome and the Bankruptcy costs are very high compared to IVAs so can mean creditors get the same or more money back in an IVA.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Shaun Vickery

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Post by Shaun Vickery » Thu Apr 04, 2019 8:59 am
It's definitely an option. Whether it's the best option will depend on other things but one of the experts here will be able to give you some specific advice if you contact them. The most important thing is taking control so you have already taken the first step. Good luck with it.
Highly Commended at the British Mortgage Awards. For individual mortgage advice go to http://clients.theselectpartnership.co.uk/
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