Would an IVA be an option for me

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carl154
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by carl154 » Tue May 08, 2018 10:09 am
Morning,

I'm wondering if an IVA is suitable for me. I have a house which I have a mortgage on. Will my house be considered as a way of paying my debt when entering into an IVA? My current debt stands at around 32-33k with 4 creditors and I could make payments of 1k a month at a stretch. I could afford to pay them back if I didn't have to pay interest on the cards. I've never missed a payment, default or a had a CCJ against me.
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kallis3
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by kallis3 » Tue May 08, 2018 10:43 am
Hi,

Your house will be protected although you may be asked to try and remortgage or take out a secured loan towards the end if you have any equity.

Have a chat with a few firms and take advice from them. Any queries you can come back on here and ask.
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Lisa Thomas
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by Lisa Thomas » Tue May 08, 2018 2:21 pm
Hi an IVA does sound reasonable with those payments and you could probably keep the house. I'd be happy to chat to you about your options.
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Foggy
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by Foggy » Tue May 08, 2018 5:39 pm
An IVA is primarily used to protect assets (even if you have to make extra payments in lieu) --- however a large amount of equity could tempt some creditors to refuse (HMRC for instance) if they have a controlling vote.

As Lisa suggests, a full and frank chat with an IP is in order to establish the full picture.
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