IVA as a homeowner

Barry1108

Hi,

Quick question - Since marriage breakup I have approx £80,000 debt which is engulfing me and I am hoping to take out an IVA.
My issue is that I rent the flat I live in in the South of England while also owning a small house in the North which is rented out.
It has no equity and the mortgage payments are higher than the rent.
Is it possible for me to take out an IVA? Or is there a different option I need to look at?
I am pretty desperate to get it sorted now as its really affecting me.

Thank you

fatbelly

IVAs are designed for those sorts of situations. Think of them as bankruptcy for those with an asset to protect.

https://debtcamel.co.uk/debt-options/guide-to-ivas/

https://debtcamel.co.uk/choose-iva-firm/

sourcrates

When IVA`s were first introduced, they were designed with homeowners in mind, those who could not go bankrupt as they had an asset, in this case a house, to protect.

As long as you have a reasonable amount of disposable income you should be able to qualify for one, you must go through an insolvency practitioner, and all IP`s charge a fee, the one step-change use is among those with the lowest scale of charges.

Do shop around though, the links provided by Fat-belly (above) give you a good insight on what to expect.