could i lose my house?

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Post by suzi » Tue Apr 24, 2007 11:36 am
could i lose my house?

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Post by Adam Davies » Tue Apr 24, 2007 12:02 pm
In an IVA your house is safe as long as you pay the mortgage on it and pay the IVA on time.If the IVA fails then your creditors may petition for bankruptcy so your house would then be vulnerable.

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Post by ivoriva » Tue Apr 24, 2007 12:03 pm
Under an IVA you can keep your house, but you will be expected to release your share of any equity (via a remortgage) for the benefit of creditors at some stage during the IVA. Im sure an expert can help you more with the finer details.


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Post by tracy.h » Tue Apr 24, 2007 12:40 pm
Hi Suzi,when i applied for an iva one of the auditors that represented a few of our creditors a company called kpmg,added a modification stateing that because over 40%of my income was being used to pay my mortgage,i would have to sell my property and rent,so that more money could be released monthly for iva pot,it was quite bizare as by doing this they would have only recieved an extra £12,000,where as if they had let me keep my home with equity release then creditors would have recieved an extra£33,000 on top of 60 months at £560,but apparantley this is part of ther criteria,i must admit all the time ive been posting i havnt heard anyone else post that this has occured in there iva im just letting you no your home isnt always safe in an iva.
I didnt except the modification,as i didnt want to loose my home,and am now looking at my options again
Please dont be put of getting advise as everyones financail circumstances are different and all creditors have different guide lines,as long as your ip puts your best proposal forward then you should be successful
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