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Posted: Sun Oct 11, 2009 5:01 pm
by Gazzland
Hi all,
I have a few questions for you all:
If i was to fail my IVA and not pay for 3 months then go bankrupt, could I sell my house?
If i was bankrupt, could I get a rented house? Would the accept a person in that position. Could I pay 6 months rent up front?
Cheers Guys
Posted: Sun Oct 11, 2009 5:04 pm
by kallis3
Hi,
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.
Posted: Sun Oct 11, 2009 7:31 pm
by Gazzland
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?
Posted: Sun Oct 11, 2009 7:33 pm
by zim zim
Hi, it would be after the three months and probably a bit longer by the time all the paperwork is done and creditors informed.
Regards zim zim
Posted: Sun Oct 11, 2009 7:44 pm
by zim zim
Sorry , i did'nt answer about the equity but i don't want to give you the wrong info. One of the experts will be able to clarify this for you.
Regards zim zim
Posted: Sun Oct 11, 2009 7:55 pm
by Sinking Fast
Hi Gazzland,
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?
Posted: Sun Oct 11, 2009 8:00 pm
by Gazzland
about £6k equity. would we just get thrown out on the steets, am worried that we wouldn't haven anywhere to live with two very young children.
Posted: Sun Oct 11, 2009 8:15 pm
by kallis3
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?
Posted: Sun Oct 11, 2009 8:17 pm
by kallis3
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?