What will happen to my assets if I get an IVA?

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What Will Happen To My Assets If I Get An IVA?

While in an IVA you will have to release funds from certain significant assets, for example, savings, cars, jewellery. If you are a home owner then you will be expected to release equity in your house if there is sufficient amounts to obtain a remortgage, and if it is practical to do so. The way that this works is that in your closing years of the IVA term, you will have to have a valuation of your property, and get a redemption statement from your current mortgage lender, since persons with an IVA cannot in most cases get over 85% LTV for a remortgage, the creditors will accept this amount, once the remortgage is released into the IVA your repayments will then drop to a lower monthly rate. If you are unable to get a remortgage on your property, and you have equity in your property the creditors may agree to extend your IVA period for another extra year, this will only be done if the equity you have in your house is equal to a whole years payment for the IVA. If equity in your home at the time of applying for the IVA is greater than the amount that which you owe your creditors, then they will request that you simply get a remortgage and pay off all your debts, in this case you will not be able to get an IVA. If your home is shared ownership and the IVA is only for your self then the creditors will expect you to get the equity for your share of the property and give it towards the IVA. If you live in a private rented property and you have kept up your rent payments then, your landlord will not be notified of the IVA and you will be allowed to remain at your property. You will be allowed to keep your furniture, and any other household items, all items which are needed as basic living. You will also be able to keep your car, depending on how valuable it is, if the value of your car is greater than five thousand pounds then the creditors will expect you to sell it and purchase a cheaper one, the difference will then go towards the IVA.

IVA Mortgages Frequently Asked Questions

What occurs to my assets in an IVA?	Who can start an IVA?
The pros and cons of an IVA?	How does an IVA Work?
How much will I pay a month ?	What happens at the end of the IVA?
Having problems during the IVA?	Is an IVA better than declaring bankruptcy?
I have debts,what options do I have?	What if I can not pay my repayment ?

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