IVA and equity release

Anondebtadvisor

You can consider proposing the IVA to retain both properties and let the creditors make the decision as to whether they want them sold?

If your IVA company are not happy to do that seek alternative advice

Custard_Pie

Anondebtadvisor wrote: »

You can consider proposing the IVA to retain both properties and let the creditors make the decision as to whether they want them sold?

If your IVA company are not happy to do that seek alternative advice

They gave me the option of selling one and putting the equity into the pot as it's touch and go between IVA and bankruptcy. Alternatively, the payment almost doubles at month 54 for a further 12 Months. I'm going to go for the latter as I don't want to part with the properties.

Anondebtadvisor

Even if you keep the properties you may have to address any equity in month 54 of the IVA. But I agree you should seek advice from another IP.

Who have you been taking advice from Custard pie?

Custard_Pie

Anondebtadvisor wrote: »

Even if you keep the properties you may have to address any equity in month 54 of the IVA. But I agree you should seek advice from another IP.

Who have you been taking advice from Custard pie?

I didn't think I could be forced into selling anything, hence the extended IVA?

RupertTheCat

I have a friend with about 10 buy to let properties who is in an IVA so it is doable. He wasn't told he needed to sell any of them, though they were all in negative equity when he went into the IVA and most of them still are.

Custard_Pie

Mine were for many years, but they both have a small equity thanks to them being on standard variable. Selling them won't make sense after costs. I'd rather keep them if possible as the pay off in bricks and mortar is always long term.