Debt Advice Forum › Forums › Debt Solutions › IVA › Do i qualify? Tagged: iva, Qualify IVA This topic contains 6 replies, has 3 voices, and was last updated by Christine Best 3 years, 9 months ago. Viewing 7 posts - 1 through 7 (of 7 total) Author Posts October 25, 2013 at 11:28 am #467 Jim KillockParticipant I’ve been told i qualify for an IVA because my debt is over £20k and i can afford £200 a month but i have some equity in my property. If i enter an IVA would i lose my house? October 25, 2013 at 12:55 pm #468 Debt Advice ForumKeymaster Hi Jim, I would need some more information to know if you qualify. Is it a joint mortgage? How much equity is there in the property? October 25, 2013 at 1:30 pm #469 Jim KillockParticipant No the mortgage is just in my name and according to a Zoopla check done by the other debt advice company i have £5,000 in equity. October 25, 2013 at 2:00 pm #470 Christine BestParticipant I’m just finishing an IVA and i had equity in my property but the people dealing with my case just added another year on. It was definetly a good solution for me but i guess it depends on your circumstances. October 25, 2013 at 2:10 pm #472 Debt Advice ForumKeymaster So long as you have no other assets and you are able to contribute £200 each month towards an IVA you could be suitable. In an IVA you are never asked to sell your house but you could be asked to release the equity at the 4 and a half year stage. If you are not able to release the equity, either by re-mortgaging or other means they will extend our IVA from 5 years to 6. This extra year will cover the equity in the property which is what i think probably happened to Christine. October 26, 2013 at 12:36 pm #473 Jim KillockParticipant Thanks for the advice guys it does sound like an IVA could be the best solution for me then. The debt advice company i spoke to did say something about extending it for another year but i thought the soltuion sounded too good to be true. October 27, 2013 at 1:40 pm #474 Christine BestParticipant Glad to be of some assistance Jim and yeah DAF that is exactly what happend to me as well. Author Posts Viewing 7 posts - 1 through 7 (of 7 total) You must be logged in to reply to this topic.