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IVA trouble selling assets |
Submitted on: 12th Dec 2011 by Non-Member | Total Answers: 6
I am in an iva it was set up for 18 months to allow me time to sell assets (cars). My advisor suggested taking the cars to the auction and arranged for them to be picked up, I went up to the auction last week to check on them and they have been damaged and things have been stolen from them this has reduced their value and as you can imagine i'm furious about the situation as the guy who owns the auction house says its not his problem and my advisor says he didn't personaly see the cars so can't comment on them. I don't know what to do now and my advisor has now said its time to have my property valued. I own property which is in negative equity and my family home which is in joint names with my wife although she is not in the iva. If my debts are £75,000 and my share of the house equity is small will i still be forced to sell my house. i have just paid my last contribution but still owe alot of money i don't know what happens now.
Re: IVA trouble selling assets
Most IVA’s are designed to protect property and it is therefore often unlikely that an Insolvency Practitioner would force the sale of primary residence. However they can request homeowners to remortgage up to 85% loan/value to release any equity from it. Should you be unable to remortgage then your Insolvency Practitioner may seek to extend the term of your IVA. Each IVA is tailored to the individuals needs and therefore it may be beneficial for you to discuss this further with your Insolvency Practitioner or seek further money advice (Please ensure you bring your IVA paperwork with you).
Re: IVA trouble selling assets
Even if an IVA was appropriate for your circumstances, from the information you’ve provided, given that the majority of your debt seems to be with a single creditor, there is a possibility that your IVA proposal would be unsuccessful (75% of your creditors, by value of debt, must vote in favour of your proposal for your IVA to be accepted and some creditors are more sympathetic to IVAs than others). You really need to speak to an impartial debt advisor who can advise you on the likelihood of creditor support before making any decisions. They’ll also be able to investigate all of the options that are available to you and recommend the solution that they feel is most appropriate for your circumstances.
This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA or need further help with your IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you and on whether you qualify. Click here to find out more.
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