if i apply for an iva do i have to sell my house

[mick.g]

if i apply for an iva do i have to sell my house

[MelanieGiles]

Hi mick and welcome to the forum

Very rarely, and only if your choose to do so. Can you post a little more detail about your circumstances so we can try to assist further.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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[Doug9898]

If your equity exceeds what you owe then i would say yes . If its roughly the same or less then you may not have to as the as the creditor would have to take in consideraton court costs and a forced sale valuation !

[MelanieGiles]

Doug

I wonder if you have misread this poster's question. It would be quite rare for someone to have to SELL their house, but they would be required to raise equity during the final year to a maximum of 85% LTV - but this does not usually force a sale.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Doug9898]

Ok I understand the word apply is different to the word accepted .
But I was taking to account that would you really need to give the creditor an advantage
over bankrupcty for the IVA to have a good chance of being accepted ? you do get the odd good creditor but generally speaking you and I know they can be quite "commercially hardened " if that the right phrase .

[mikebdomain]

You never HAVE to sell your house, the decision would be yours, unless forced to do so by the courts, which is very unlikely unless you go bankrupt.

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[Adam Davies]

Hi
A good point from Mike
An IVA has one big advantage over bankruptcy and that is that you retain control of your house.You may have to remortgage in the fourth year but you will never be forced to sell your house.
Regards

Andy Davie
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