I have rental properties. Can I protect them in an Iva as well as my own home?

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caroline428
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by caroline428 » Thu Sep 14, 2017 5:09 am
I have rental properties but because of serious illness they are running at a loss. Can I protect them in an Iva as well as my own home. Will I be forced to sell them they are in negative equity and all mortgaged. Is an Iva suitable for me? Obviously in 5 years they hopefully won't be in negative equity or am I better with a debt arrangement plan?
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Foggy
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by Foggy » Thu Sep 14, 2017 6:46 am
You really need to speak to a few companies directly, as how these will be treated will depend upon the whole picture and, to some degree, on how your creditors think. I assume they are a source of income and, as such, could be retained ... but, it is too complex a situation to dip into on an open forum.
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kallis3
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by kallis3 » Thu Sep 14, 2017 7:43 am
Agree with Foggy. It is very complex.

Foggy - had you been on something when you typed your reply?? :lol: :lol:
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Foggy
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by Foggy » Thu Sep 14, 2017 7:51 am
Kallis -- wish I had been .. all corrected now ! I blame the wireless keyboard and a dodgy transmitter / receiver ! My keyboard skills are bad enough without their help :-)
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Lisa Thomas
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by Lisa Thomas » Thu Sep 14, 2017 9:09 am
You might be able to keep them but it really depends on your whole financial picture.

It might be worth considering selling them and including the shortfalls in an IVA.

Speak to an IP in your local area for some face to face advice.
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caroline428
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by caroline428 » Fri Sep 15, 2017 5:27 am
The thing is they are all in negative equity except one which is being sold to make a possible offer. They all have an income with just covers the mortgage payments with a little extra. There is one creditor who is particularly nasty having pursued me for 8 years through my cancer treatment for a debt that isn't mine but that they got a ccj against me and is determined to get the pound of flesh saying they will only accept substantial payments over a short period. The other problem is a council who do not accept Iva and this is about a quarter of the debt so yes it is complicated and I am still ill although not dying as gas as I know and I'm disabled also I'm 60 and won't be able to remortgage thank you
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Michael Peoples
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by Michael Peoples » Mon Sep 18, 2017 10:13 am
There is little point in a creditor asking you to surrender properties as this will only increase the debt and thus reduce the return. If you are happy to continue acting as a landlord and the properties are covering themselves then I see no reason why this cannot continue.
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