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I am applying for a IVA, I live in a house which I bought together with a family friend that was helping me at the time. So, the house is in joint names. Will i still be able to apply? I am desperate!

Hi there and welcome
Yes you can still apply. If you dont mind posting more details then everyone will advise, income, level of debt, equity in the house but only yours which will be half if joint, and what you have left after paying household needs,not debts. Creditors owed also helps.

Ang

Hi Magda

If you have equity in the property, your creditors will want you to raise some of this probably at the end of the IVA period. Your friend will need to provide his/her agreement that they will agree to further borrowings being taken out at that time.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk