will I be forced to sell my property?

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Marcia.Mr
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by Marcia.Mr » Thu Jan 21, 2010 1:47 pm
Hi there

If I enter a IVA will I be forced to sell my property?

 

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Michael Peoples
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by Michael Peoples » Thu Jan 21, 2010 1:53 pm
Hi Marcia and welcome to the Forum.
Normally the answer is no but it depends on the creditors and whether or not you can actually afford the property. If for example you could rent for a fraction of the current mortgage costs and there is equity in the property at the moment some creditors may ask for a sale. If however as is normally the case, you have a standard mortgage and renting would not be hugely cheaper, creditors will ignore the house and ask for you to remortgage in the final year and release equity.

Speak to an IP firm because it depends on a few things and particularly who your creditors are.

 

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MelanieGiles
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by MelanieGiles » Thu Jan 21, 2010 7:37 pm
The answer is no - because ultimately the sale of your property has to be with your agreement, unless you lose ownership of it for instance if you were to be made bankrupt.

I think what you mean is will creditors ask me to sell my property? In which they may do for the reasons Michael has identified above. If this happens you then have to decide what is more important, house or IVA, in which case a DMP might be a sensible solution to look into. Having said this, in my experience creditors rarely ask for properties to be sold.
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