will I be forced to sell my property?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1


User avatar
Posts: 1
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?


User avatar
Michael Peoples
Industry Expert
Posts: 15189
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.


User avatar
Industry Expert
Posts: 47612
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.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 7 guests