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Posted: Fri Sep 19, 2008 10:40 pm
by g.ss
if i have a iva and iam self employed can i loose my morgage for my house and my commercial property mortgage
Posted: Fri Sep 19, 2008 11:11 pm
by kallis3
Hi g.ss and welcome.
I don't know the answer to your question, but I'll bump this back up so that one of the technical experts will see it and give you advice.
Posted: Fri Sep 19, 2008 11:39 pm
by 123debtsolutions
Hi G.ss, welcome.
No, your house is not at risk.. Only if you fail the IVA can your property be at risk, but even then equity remains a factor amongst other things. Your selected IP should put your mind at ease.
Posted: Fri Sep 19, 2008 11:59 pm
by MelanieGiles
An IVA has absolutely no impact on mortgages, as they are secured against the assets the borrowings were taken over. The only way a property can be at risk under such proceedings, is if you fail to make the secured repayemnts or if creditors specifically require you to sell the properties as part of the arrangement.
It is far too sweeping to say that your properties will not be at risk. When you are unable to pay your debts under normal contractual terms, all assets are at risk in some shape or format, the trick is to broker a deal with creditors before it is to ;ate, and an IVA may well be a solution worth looking at.