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Posted: Thu Dec 20, 2007 7:09 pm
by Graham1
I am a mortgage broker. Some clients have approached me to arrange a Home Reversion scheme so they can clear their debts. They owe £30,000 on mortgage and £50,000 unsecured. They are retired and receive pension income only. I want to investigate possible IVA before they go near a Reversion scheme. Does being pensioners prevent them from a successful IVA? Thanks for your help
Posted: Thu Dec 20, 2007 7:46 pm
by Adam Davies
Hi Graham
Your clients would have to be insolvent i;e if their equity was greater than their unsecured debt then they would not be insolvent and an IVA would not be possible.
There is no upper age restriction to an IVA
Andy Davie
IVA.co.uk Spokesperson and Website Manager
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp