Due to the fact that a mortgage is a secured debt, it cannot be included as a debt within an IVA proposal.
None payment of a mortgage could result in a property being repossessed, therefore top priority should given to the mortgage repayments, above other ‘non priority’ debts such as loans or credit card payments.
A provision will be included within the expenditure section of an IVA applicant’s financial statement, to allow their mortgage repayments to carry on as normal. All other essential expenditure will also be accounted for, and allowance will be included for all essential needs before the IVA payment is calculated.
My IVA Adviser specialise in offering advice on all aspects of IVAs.
To learn more about how your home will be treated as part of your IVA download our FREE Guide
“How will an IVA affect the equity in my house?”
Or read this article for an insight into how the equity in your home may enable you to “finish your IVA early?”
Other useful articles surrounding the IVA Mortgage issues are “Can I get a mortgage when I am in an IVA?”
and “Will the equity in my house affect my IVA? or visit our articles page for more IVA information.
Call 0800 088 7503 and speak to one of our IVA advisers or leave your details at our quick contact form so that we can call you back.
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