Will i still be able to apply? I am desperate!

3 posts Page 1 of 1
Post Reply
 
 

magda

User avatar
Posts: 1
Joined: Tue Jun 26, 2007 7:00 pm
Location:
Post by magda » Tue Jun 26, 2007 7:15 pm
Quote
I am applying for a IVA, I live in a house which I bought together with a family friend that was helping me at the time. So, the house is in joint names. Will i still be able to apply? I am desperate!
Top
 
 

aguise

User avatar
Posts: 3906
Joined: Tue Jan 23, 2007 11:24 am
Location: United Kingdom
Post by aguise » Tue Jun 26, 2007 7:19 pm
Quote
Hi there and welcome
Yes you can still apply. If you dont mind posting more details then everyone will advise, income, level of debt, equity in the house but only yours which will be half if joint, and what you have left after paying household needs,not debts. Creditors owed also helps.

Ang
Please visit my blog at http://aguise.blogs.iva.co.uk/
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Tue Jun 26, 2007 7:23 pm
Quote
Hi Magda

If you have equity in the property, your creditors will want you to raise some of this probably at the end of the IVA period. Your friend will need to provide his/her agreement that they will agree to further borrowings being taken out at that time.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
Top
Post Reply
3 posts Page 1 of 1
Return to “IVA postbag for june”