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??
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.