IVA Question
Can I do an IVA without affecting my Property/House ?
In some circumstances your home may be excluded from the arrangement. However, if you have equity in your house, this will be taken into account when making an offer to creditors. You may have to release some of the equity in your property at some stage during the IVA.
Your creditors are only going to approve an IVA if they consider they will get more money back than via bankruptcy. If the equity in your property is more than your unsecured debts, then they could get it all back by bankrupting you, and forcing you to sell your home.
How your homeowner status effects yout IVA propsal is complex and depends on many factors such as
- Your current mortgage repayments.
- How much of the property is yours in the case of joint ownership.
- The amount of equity in the property.
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