would I / could I lose my house?

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Peter.66

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Post by Peter.66 » Tue Jun 08, 2010 4:50 pm
If I enter into a IVA agreement would I / could I lose my house?
 
 

rayb

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Post by rayb » Tue Jun 08, 2010 4:54 pm
Hi and welcome to the forum,

If you keep up repayments on your home you will not lose your home whilst in an IVA. What you will have to do however is release some of the equity in year 5 if possible. If not normally you may have to extend the IVA for a further year but this all depends on your proposal.

The best thing to do is to speak to 2-3 different companies for advice and you can check reviews by going on to www.iva.com to do comparisons
 
 

Michael Peoples

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Post by Michael Peoples » Tue Jun 08, 2010 4:58 pm
It is rare to lose your home in an IVA but there are examples depending on who your creditors happen to be. If the costs of the property are excessive some creditors may feel that selling and renting would be free up additional money for creditors. Your IP will discuss this with you and whether it would apply to you depends on your individual circumstances.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Tina Shortland

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Post by Tina Shortland » Tue Jun 08, 2010 6:56 pm
Hi Peter.66 - welcome to the forum,

Losing their home is one of the biggest concerns people have when considering an IVA or other debt solution. Before you commit to any course of action is it best to fully discuss your circumstances to understand all the implcations and decide on which is the best route for you.

As others have said, there are companies on here to choose from and we are here to help you whenever you are ready to discuss things further but in the meantime post as many questions as you like!

Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
 
 

Adam Davies

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Post by Adam Davies » Tue Jun 08, 2010 9:34 pm
Hi
The new protocol states that creditors will not insist on anyone selling their house if they are unable to remortgage and release equity.
Regards
Andam Davies
 
 

tobymoz

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Post by tobymoz » Wed Jun 09, 2010 10:23 pm
If my IVA was end February 2009 would this come under the new protocol? Thanks
 
 

MelanieGiles

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Post by MelanieGiles » Wed Jun 09, 2010 11:26 pm
You would need to check the terms of your own proposal - the protocol is not applicable to all IVAs - and your IP does not have to use the protocol if they don't want to. There are still a lot of firms who are not using protocol procedures - so do check.
Regards, Melanie Giles, Insolvency Practitioner
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