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Posted: Fri Oct 17, 2008 5:20 pm
by kenty
I have been in an iva for 2 years, the debt majority is prior to my second marriage, i remortgaged my house to release all my share to add to the iva i have so far paid 25% of the total debt. my supervisor for the iva is demanding monthly payments stay the same despite a salary job of 35%, if i fail the iva will i still lose the house despite the fact i now have no share in it and prices have plumetted, protecting the house is my only concern
Posted: Fri Oct 17, 2008 5:51 pm
by plasticdaft
Do you mean your salary has dropped 35%,if this is the case your IP must surely call a variation meeeting to allow the IVA to continue. At what point was equity released?? Who elses shares an interest in the house??
Posted: Fri Oct 17, 2008 6:27 pm
by Adam Davies
Hi
I agree with Plasticdaft,if your overall income has fallen [joint] then your IP must call a variation meeting.
Your house will be at risk if you are made bankrupt but if you have no equity then a third party may be able to buy out the ORs interest for a nominal £1
Regards