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Posted: Mon Oct 01, 2007 12:55 pm
by carole.k
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.
Posted: Mon Oct 01, 2007 12:56 pm
by mikebdomain
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?
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Posted: Mon Oct 01, 2007 12:58 pm
by bagpuss
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.
Posted: Mon Oct 01, 2007 1:34 pm
by iva.com
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
Posted: Mon Oct 01, 2007 8:41 pm
by Adam Davies
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