I hope someone can give me a bit more clarity and understanding about IVA and shared ownership.
Unfortunately, due to serious illness in my family, both parents are cancer patients, kept borrowing loans and now I got to the stage, where I cannot re-loan myself. I was thinking about and IVA, which sounds like a good solution, but I am just extremely afraid that for years I will not get any credits...In case of more horrible situation, such as death...
Currently I own a shared ownership property, 40% is mine, 60% is the Housing Associations, so I was thinking what happens, if I get into IVA, but along the line, I will have to sell my property. Will I have to pay for the creditors money? Will I loose every profit which I can potentially make?
Thank you for your help.
They key, amongst a whole other load of questions, is whether there is equity in it and how any proposals you put forward would compare to what creditors might receive if you were to go bankrupt instead.
I'm shared ownership, it's a tricky one.
You cannot sell, the equity release calculation is complicated and probably will not be in my favour at the end. I honestly don't 100% understand it, but I had no other option except bankruptcy and I had saved for a very long time and didn't want to lose this house.
In specific what is it you wanted to know?
These things could be dealt with, in the usual way, at month 54, but it would be sensible to deal with the possibilities at the outset, given the circumstances, and write them into the agreement now, for the avoidance of doubt.
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