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IVA - Is this true?
Diana_Prince
Posts: 405 Forumite
Hi all!
My parents are in a lot of debt, and I was looking online about IVA's and it says that you are able to keep your house. Is this true?
It would be ideal if it was, both myself (25) and my brother (33) live at home and neither can afford to move out just yet!
The mortgage is all up to date (my mum pays that - I'm fairly sure the debts are in my dads name) if that makes any difference.
My parents are in a lot of debt, and I was looking online about IVA's and it says that you are able to keep your house. Is this true?
It would be ideal if it was, both myself (25) and my brother (33) live at home and neither can afford to move out just yet!
The mortgage is all up to date (my mum pays that - I'm fairly sure the debts are in my dads name) if that makes any difference.
Just keep swimming
0
Comments
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check out this guide to IVA's
http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf
it should help you make your mind up
there are other options that may be available though. are your parents meeting minimum payments at the moment?£34,547 (Dec 07); Current debt: £zilch (Debt free December 2010)
Sealed Pot #389 (2010=£133)0 -
No my dad's ignoring the letters and phonecalls!! It's so frustrating!!! Makes me want to scream/cry!! It's gone as far as having ahhhhh I forget the name - where you have to repay the debt when the house sales?!Just keep swimming0
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Oh hun, it sounds like a nightmare. will your parents let you take control of the post so you can see where they are at? I think it is a charging order that you are referring to.
Do you think he would go to the CAB (maybe with you) if he thought there might be a solution?£34,547 (Dec 07); Current debt: £zilch (Debt free December 2010)
Sealed Pot #389 (2010=£133)0 -
Yes that's the one!!! Thanks!! Well I think it's around 50,000 without the mortgage so I do think that IVA or bankruptcy are the only options! Hmmm not sure if he will! I've offered to help and given him the CCCS number. He's self employed but my mum has a steady income so hopefully that will help.Just keep swimming0
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Who's name is the house in, if your mum pays all the mortgage is it all in her name? Does the house have any equity?Unless I say otherwise 'you' means the general you not you specifically.0
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can the house be transferred to you and your brother?O/S Debt: PL £[STRIKE]15207.34[/STRIKE] £9884.55; HSBC £4060.99; Tesco£1430.15; M&S £5990.17; Virgin [STRIKE]£5158.69[/STRIKE] £4210.14; Egg £4619.00; O/S = ££30,292.42 AIM - To Be Debt Free 56 months0
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Um well the mortgage is around 50,000 not sure how much the house is worth maybe 180-200, think it's in both names. I think they look into whether the house names have been transferred and things as technically it's illegal - apparently!Just keep swimming0
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Well that makes bankruptcy much less of an option.Unless I say otherwise 'you' means the general you not you specifically.0
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Yeh that's why I thought an IVA would be betterJust keep swimming0
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In an IVA though he'd be expected to remortgage after a few years to raise money.Unless I say otherwise 'you' means the general you not you specifically.0
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