question category: IVA

DO YOU HAVE TO HAVE EQUITY IN YOUR PROPERTY TO QUALIFY FOR AN IVA?
Submitted on: 5th Nov 2010 by Non-Member | Total Answers: 2

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Re: DO YOU HAVE TO HAVE EQUITY IN YOUR PROPERTY TO QUALIFY ...

Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you on whether you qualify. http://www.debtadvicefoundation.org/TAD" title="Debt Advice Foundation website" target='_blank'>Click here to find out more.

Submitted on: 7th Nov 2010 by TA Member

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Re: DO YOU HAVE TO HAVE EQUITY IN YOUR PROPERTY TO QUALIFY ...

Not necessarily. You need to have either a lump sum available to offer to creditors or a reasonable amount of disposable income to pay into your IVA on a monthly basis to go towards your debts. If you do have equity in your property you will be asked to remortgage within the final year of your IVA to release funds for your creditors. However, you will not be expected to remortgage above 85% loan to value so if you have less than 15% equity in your property it will not be considered within your IVA proposal.

This question has been answered by Christians Against Poverty, a leading debt charity offering hope and a solution to anyone in debt.

Submitted on: 23rd Nov 2010 by TA Member

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