If your IVA were to fail and you go bankrupt, if your house had equity in it, the OR would want it sold and the money paid across to your BR.
You should be able to rent, but would have to pay across six months rent probably.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
what if the house only had a small amount of equity, could we keep it? if we srarted to stop paying the iva would the creditors start hassling us straight away or would it be after the 3 months are missed?
Can you quantify a small amount of equity?
Im sure one of the forum experts will be able to assist with this info.
Gazzland wrote:
what if the house only had a small amount of equity, could we keep it? if we srarted to stop paying the iva would the creditors start hassling us straight away or would it be after the 3 months are missed?
There is no way you would be thrown out on the streets.
Dependent upon what your debt is, then £6k equity is not likely to result in you losing your home if you made your mortgage payments as you should.
What problem do you have with your IVA?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
There is no way you would be thrown out on the streets.
Dependent upon what your debt is, then £6k equity is not likely to result in you losing your home if you made your mortgage payments as you should.
What problem do you have with your IVA?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
