Will an IVA affect my home?

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sandie

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Post by sandie » Fri Jan 18, 2019 10:56 am
I own a home and no mortgage will this affect my home and will my creditors make me sell my home to pay off my debt if I go for an IVA

kallis3

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Post by kallis3 » Fri Jan 18, 2019 11:20 am
Could you possibly try a remortage so you can avoid an IVA?
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Foggy

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Post by Foggy » Fri Jan 18, 2019 12:57 pm
There is a possibility that they will reject an IVA if they feel that they stand more chance of getting repaid from equity in the home. Might I suggest having a chat with either Ryan or Shaun ( or both of them) to see about releasing some equity to cover the debts.

Their details can be found here:

Ryan: memberlist.php?mode=viewprofile&u=18488
Shaun: memberlist.php?mode=viewprofile&u=22837
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Ryan

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Post by Ryan » Fri Jan 18, 2019 1:11 pm
As has been said if it's an option a re-mortgage is certainly worth looking into.


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Radish

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Post by Radish » Sun Jan 20, 2019 1:57 pm
Would it not depend on how much is owed? There is difference between debts of £10,000 to one of £100,000 surely?
IVA complete March 2014 after 6 years.

Lisa Thomas

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Post by Lisa Thomas » Mon Jan 21, 2019 9:49 am
They will compare the outcome to what they would receive in Bankruptcy so depending on the figures and what you will be offering as an alternative, they may reject the IVA proposals.

You should speak to an Insolvency practitioner to weigh up your options.
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
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