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If there is realisable equity in the property, towards the end of the IVA, the appointed Insolvency Practitioner (Supervisor of the IVA) will seek to sell the property to realise the equity as an asset in order to repay creditors.

 

Sometimes the options provided are to sell to the joint owner your beneficial share or to remortgage

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Thanks for the quick reply nottslad. So in reality, if you have property, you lose it whether its an IVA or bankruptcy?

I was always under the impression that an IVA was a way of protecting your property?

 

So if you own property, you should go for bankruptcy as an IVA has no advantages?

 

BF

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What I posted is just my understanding of the Insolvency Act and the way it works...

 

From what I know a lot depends on the value of the equity, if there wouldn't be much gain from a forced sale then there would be no point; I'm sure someone with more understanding of the Insolvency Act will post further details, sorry I couldn't be much more help!

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Hi, there are several ways that the property is dealt with, depending on the terms of our IVA. You must remember that an IVA is a voluntary agreement between you and your reditors and so can be worded however you agree, there is no 1 right way.

 

The most common way is as follows, usually at the end of the penultimate year the property is valued and the equity is worked out. 85% of the equity is then paid into the IVA either through 3rd party funds or via a remortgage. If this is not possible, you would usually make extra monthly cotributions to satisfy this shortfall if possible.

 

It is unusual for a property to be sold in an IVA, normally the IVA would just fail or you would be made bankrupt if the terms were not satisfied

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