Have have equity in my home – will I have to sell?

IVA QuestionsCategory: I need help urgentlyHave have equity in my home – will I have to sell?
Sally Holmes Staff asked 12 months ago

I am about to enter into an IVA and have £20,000 equity in my home. I owe £32,000. Will I be required to sell or remortage my home??

1 Answers
IVA Specialist Staff answered 12 months ago

No. Your Insolvency Practitioner will explain to you that this doesn’t usually happen. You may however be expected to extent the IVA period form 5 to 6 six years – thereby paying for another 12 months. It will cost you more money but at least you keep your house and the equity in it.