eligable for IVA with buy to let property?

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Post by supers » Wed Oct 08, 2008 1:05 am
I have a buy to let property as well as my main home.It is impossible to sell my buy to let at the moment and the equity is almost zero (that is if i could find a buyer!).Would i still be eligable for a IVA whilst i have this buy to let property.My debt is £60,000.


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Post by plasticdaft » Wed Oct 08, 2008 6:41 am
Your property would be safe providing the income from it pays the mortgage and any other associated costs involved in owning the buy to let.
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Post by MelanieGiles » Wed Oct 08, 2008 7:47 am
The eligibility of proposing an IVA will be based on lots of factors, such as affordability and number of creditors. Whilst the existence of the buy to let property may not be a barrier, you would be wise to consult an insolvency practitioner for advice on all options.
Regards, Melanie Giles, Insolvency Practitioner
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