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 8 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 8 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.