www.iva.co.uk

hi im am thinking about going into an iva with mccambridge duffy .but I have a slight worry. I split from my ex wife in 2007 and bought a hous eat the height of the boom.at present I estimate it to be worth around £100000 less than what I owe.

mcd have told me to hand the keys back and fill in a voluntary repossession form . but what happens then . do I need to wait on the mortgage company seliing my property to see what the shortfall is and what would happen if my iva was unsuccessful ?I would be left owing serious money to the mortgage lender ??

regards
squig

Hi

You are with a highly regarded company so be guided by them

In the unlikely event that your IVA is unaccepted you could consider bankruptcy

Regards

You do not need to wait for the property to sell before the IVA can be put in place. If you have any queries please feel free to contact me directly and hopefully we can get this all behind you.

The mortgage debt is captured right from the start of the IVA, and your IP should be building in provision for the quantum of the debt to possibly affect the dividend payments generally, and thus avoid disturbing the IVA if its crystallisation would result in overall claims increasing by more than 15%.