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i have a joint mortgage and we only own 25% how will it affect the iva and will it affect the person i have the joint morgage with

Hi and welcome

Start again.
Hi and welcome
usually you will be asked to release a percentage of your equity at some point quite often in the fourth year. To the best of my knowledge in answer to your question it would not affect the equity of the other person though they would need to be aware obviously. Others will advise as I always say im not that knowledgable on the mortgage things.

Ang

Hi lolb

You will need to discuss this with the IP you choose to representyou, but the value of your equity will be calculated at the beginning of the IVA and this sum will be treated as an asset. During the final year of the IVA, it is likely that your creditors will wish you to raise a sum equivalent to 85% of the value of your share, pay off any existing mortgage debt against that and introduce the balance of the proceeds - usually raised by way of a remortgage. This does only affect your share of the equity.

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