I want to register for an IVA

5 posts Page 1 of 1
Post Reply
 
 

carole.k

User avatar
Posts: 1
Joined: Mon Oct 01, 2007 12:54 pm
Location:
Post by carole.k » Mon Oct 01, 2007 12:55 pm
Quote
I WANT TO REGISTER FOR AN IVA BUT IF WE SOLD OUR HOUSE WE COULD CLEAR OUR DEBTS WOULD WE BE MADE TO DO THIS. I HAVE NO ARREARS WITH MY MORTGAGE.
Top
 
 

mikebdomain

User avatar
Posts: 1126
Joined: Thu Aug 23, 2007 10:03 am
Location: United Kingdom
Post by mikebdomain » Mon Oct 01, 2007 12:56 pm
Quote
Hi Carole and welcome to the forum

If you have more equity in your house than the value of your debts - you are not insolvent and therefore can not enter an IVA. What about a remortgage to clear your debts?

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf
Last edited by mikebdomain on Mon Oct 01, 2007 12:57 pm, edited 1 time in total.
LEYBRIDGE LIMITED
Mortgage Broker & Mortgage packager
Directly Authorised Firm FSA No:313790
CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Top
 
 

bagpuss

User avatar
Posts: 380
Joined: Sat Jun 30, 2007 6:46 pm
Location: United Kingdom
Post by bagpuss » Mon Oct 01, 2007 12:58 pm
Quote
If you have enough equity to clear your debts then i "think" you would have to use that as it is classed as assets isnt it.
Top
 
 

iva.com

User avatar
Posts: 287
Joined: Wed Jan 03, 2007 7:40 pm
Location: United Kingdom
Post by iva.com » Mon Oct 01, 2007 1:34 pm
Quote
Hi Carole,

If you are looking for someone to advise you on a possible IVA you may find www.IVA.com useful. We maintain a list of IVA firms and Insolvency Practitioners and publish client reviews of the services provided by them.

However, as the other posts state, if your equity is greater than your debts then you will not qualify for an IVA as you will be solvent.

Good luck with finding the right solution for you.

Kind regards,
Terry Balfour
IVA.com


IVA.com - The IVA Comparison Site
100s of reviews, All IPs and IVA firms rated.

Use our IVA firm comparison tool to find best IVA firm for you:
http://www.iva.com/iva_comparison_1.asp
IVA.com - The IVA Comparison Site
100s of reviews, All IPs and IVA firms rated.

Use our IVA firm comparison tool to find best IVA firm for you:
http://www.iva.com/iva_comparison_1.asp
Top
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:
Post by Adam Davies » Mon Oct 01, 2007 8:41 pm
Quote
Hi
Just to confirm that if your equity is the same or greater than your unsecued debt then you are actually not insolvent and are not able to enter into an IVA.
As Mike states could you remortgage and clear your debts,or bring them down to an affordable level ?
The other alternative is a DMP.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
Top
Post Reply
5 posts Page 1 of 1
Return to “postbag for october”