Can I lose My home on an IVA

elennor

We have over 60,000 debt with around £600 a month left to use for reppayments. (could probably do £700 at a push)
We have been told we could do an IVA (from cccs) but when reading the agreements it says we may have to remortgage OR SELL our house later in the plan.
I am happy to remortgage but really dont think the bank would do so on our income. I have read that if you can't remortgage then you often have to pay another year, which is again fine. However, I have not seen anywhere that I may have to sell the house. The one thing I don't want is to lose my house so now I dont know what to do.
I have considered a DMP too but if interest is not frozen my debt will keep rising and may become even worse so am unsure of that too.
We are both trying to get extra hours but very little work around.
Does anyone know if they can actually make me sell?
Any help most welcome
Thanks

twoflower169

HI Elennor,

I feel exactly the same as you, we are just now going down the same road and we feel exactly the same about our house and the DMP. Your not alone in this situation, I'm sure having read many posts there are alot of people like us out there.

I thought I would reply and bump this as no-one has replied to my post either. I'm desperate for an answer to this too. Someone take pitty on us and answer.
thnx Twoflower

Nargleblast

I am in an IVA and as far as it was explained to me by the company this is how it goes -

About four and a half years into the IVA you are asked to look into releasing some of the equity in your home to finish off the IVA. You have to get a letter from the mortgage company showing how much they are prepared to extend your borrowing, and the IVA company would work out how much of that would be required (they would not take all the equity, just a percentage, and your revised mortgage payments would have to be at a reasonable level - they will explain this better than I can). If your mortgage company will not extend your borrowing (and none of us know how the financial world will be in 4 years time), then you apply elsewhere so you will have two written refusals from two different places. The IVA company, creditors and County Court will then take the view that at least you have tried to release some funds and then you will have another couple of options - either get a friend or relative to put up a lump sum to finish off the IVA, or extend it for another year. Either way, you would not lose your home. This is one reason why people choose an IVA rather than bankruptcy. Hope this clarifies things.