if i go for a iva will i lose my house

3 posts Page 1 of 1
Post Reply
 
 

tmc

User avatar
Posts: 1
Joined: Wed Feb 20, 2008 9:54 am
Location:
Post by tmc » Wed Feb 20, 2008 9:55 am
Quote
if i go for a iva will i lose my house
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Wed Feb 20, 2008 10:08 am
Quote
Hi tmc and welcome to the forum

Definately not, but you will be required to have the property revalued during the final year of the IVA and raise any equity you have, based upon lending of 85% loan to value. This money is firstly used to repay your existing mortgage, and if there is any left over you have to hand it over to the Supervisor for the benefit of your creditors. There is a £5,000 deminimis limit, and your new mortgage payments have to be limited to 50% of the value of your IVA contributions.
Regards, Melanie Giles, Insolvency Practitioner
Top
 
 

Oliver

User avatar
Posts: 1854
Joined: Sun Sep 11, 2005 12:15 pm
Location:
Post by Oliver » Wed Feb 20, 2008 12:20 pm
Quote
In an IVA you will retain ownership of your house but as Mel says above you will be required to release available equity under the terms mentioned.
Best Regards
Oliver
Top
Post Reply
3 posts Page 1 of 1
Return to “postings for february”