Would an iva work for us

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wayne118
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by wayne118 » Tue Jul 31, 2018 10:07 am
Hi.
We are currently 2 years into a 25yr help to buy mortgage and it looks likely that an iva is our only way out of about 20k of unsecured debt. The htb repossession triggers include "bankruptcy" but an Iva is not bankruptcy according to my research. I know mortgages are protected during iva's but I'm worried that it would trigger repossession on the help to buy equity loan side. Please can anyone answer to put my mind at ease. Thanks.
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kallis3
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by kallis3 » Tue Jul 31, 2018 10:42 am
Hi,

IVA and BR are not the same. I would suggest you speak to am IVA company (one of the smaller ones) for some help and advice.
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Lisa Thomas
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by Lisa Thomas » Tue Jul 31, 2018 11:15 am
Is there equity in the property? Do the terms say they WILL repossess on Bankruptcy or just that they have the power to repossess? (i.e they may)

A debt relief order may also apply to you and might not be caught under this definition of 'Bankruptcy'.

Whether an IVA is viable will depend on what assets you have available to offer creditors and whether it will be attractive enough for them to accept it.

I recommend you speak to an IP.
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Foggy
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by Foggy » Tue Jul 31, 2018 11:20 am
As the others have said, I would speak to an IP who can look at the whole picture in depth. Much will hang on the HTB lender's definition of bankruptcy. Does the HTB paperwork have a schedule of definitions ?
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