www.iva.co.uk

Hi

I am in the process for going for IVA and was told that i would have to get my two properties valued in year four. but i have negative equity of £30000 in the house i live in and the house i rent out has equity of £20000. surely my creditors will not take the profit from the rented house in year 4 and leave my in negative equity in the house i live in. wouldnt they offset each other. this is providing the property market doesnt improve. would like some advice.

Would the house you rent out not be able to be sold as an asset?? Not sure how this would work.
Oh and welcome to the forum,a more knowledgeable person that myself shall be along to help you out very soon.

Hi
Yes they will take some of the equity from your property even if the other one is in negative.
Why should they not do this ?
Regards

The buy to let property ought to be sold as it is an asset of your estate, and I am sure that if you do not offer to do this your creditors they will ask for it to be included in any case.