I'm after some advice about whether or not to enter in to an IVA, I'll try and give you some background to my situation so you can better understand, I would greatly appreciate some advice on what the best course of action to take would be. I have a decent paying job, bought my first house at £270k with the help of the government help to buy scheme, I probably have around 10k-15k equity in the house at the moment. I had the opportunity to borrow a large sum of money (around 100k) to make some large investments with the aim of paying off my mortgage entirely. I got involved with crytocurrency and have literally lost the lot. My mortgage/bills are easily managed with my wages but the loan repayments are now totally on top of me with no money to take out from my investment portfolio to make further payments I'm looking in to getting in to an IVA to give some hope to clearing this debt in the next 5/6 years.
I'm not that concerned what impact the IVA will have on my credit as I'm done with borrowing money and plan to live within my means, valuable life lesson learnt. I am concerned that I could lose my house, car, etc, so wanted to know what would be the worse case scenario. I realise the level of debt is very high, do companies do IVAs for that amount or would they force me to become bankrupt and so I'd lose my home.
Any advice you could give me would be greatly appreciated, I'm new to all this so looking for advice from people who may have been in a similar situation and got through the other side.
Thanks in advance,
Regarding the car, this should be safe from the IVA as long as it is a modest vehicle and suitable for your needs.
I have seen IVA's in the 100's of thousands and heard of a few in the millions, so your debt level shouldn't be a bar.
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