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
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.
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.
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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.