Will entering an IVA have any adverse effect on my home?

For those who live in a rented property, there are no risks involved in entering an IVA. However you should check with your landlord that he does not have a problem with you entering into an IVA.

If you live in mortgaged property, your creditors will want details of any equity that you have in the house. Equity is the difference between the value of your house and the amount of the loans secured against it.
Your insolvency practitioner will ask you to have your houses are valued, it is part of an IVA process. Although unlike a bank would see your creditors are not allowed to take over your house, but they are entitled to up to 75% of share of your equity. They could ask you to release this money for the benefit of the creditors. You may be asked to consider a re-mortgage.

It's in the beginning of the IVA, there are no or very little equity in the house then you are creditors could ask you to have your house valued in the fourth year of the arrangement.

Why use us to set up your IVA?

If you have debts over £15,000 than our Insolvency Practitioners can help you by proposing an IVA plan for you. Our Practitioners are industry regulated with many years experience in dealing with people like yourselves. We believe in providing honest, professional and reliable service. Fill out our online no obligation enquiry form to arrange a callback from one of our specialist Insolvency Practitioners. They will be happy to listen to you and devise a plan that is best suitable for your situation.