Will an IVA stop home repossession?
Home repossession falls outside of an IVA
We receive a lot of calls and emails from the public asking; "Will an IVA stop home repossession?".
Please note that because home repossession is all about defaulting on a secured debt means that home repossession falls outside of an IVA. Please note that mortgage arrears on an old or vacated property can, in certain circumstances, be included as a debt in your IVA.
If you are in arrears with a mortgage or secured loan attached to a property then in theory an IVA cannot help. Every case is different and house repossession can be stopped and an IVA can help with mortgage arrears.
IVA and Home Repossession
The UK Insolvency Helpline has a house repossession team that are able to work with the IVA support unit to help avoid house repossession should the problem arise.
Many of the clients and callers to The UK Insolvency Helpline decide to take up an IVA for their unsecured debts. Many clients need budgeting and financial advice too.
An IVA will immediately sort out the burden of unsecured debt payments which will free up disposable income to pay off mortgage arrears. An IVA can help restructure debt repayments to make it easier for the debtor to keep up their mortgage payments and also make good any mortgage arrears.
The UK Insolvency Helpline have various methods to stop house repossessions such as;
- Apply for a possession order to be Suspended this will provide time to catch up with mortgage arrears. This can be done in unison with an IVA
- Apply for a IVA Interim Order. This would mean no bankruptcy petition relating to the debtor may be presented or proceeded with, and no other proceedings, and no execution or other legal process, may be commenced or continued against the debtor or his property except with the leave of the court.
In some IVA cases people may be unable to release 75% of the equity. If this situation occurs then the creditors sometimes accept a lower. To make up for the lower amount the credits may ask you to offer 12 months further payments. This would mean you will not lose your home, house or property; instead your IVA would be 6 years instead of 5.
If you would like to know whether an IVA will stop home repossession complete the following form or telephone freephone 0800 074 6918.
IVA Knowledge Base Menu
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- Why should I choose an IVA? |
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- How will an IVA affect the equity in my house, home or property? |
- Can I still obtain a mortgage with an IVA? |
- What happens if some of my creditors disagree with the IVA? |
- Is the IVA registered on your credit file? |
- Are there any disadvantages to an IVA? |
- What happens if I come into money whist I am in an IVA? |
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- Can I still have a bank account with an IVA? |
- How do I settle my IVA early? |
- Will an IVA affect the people I live with? |
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- Which creditors can be included in an IVA? |
- Can I enter into an IVA if I have already received a Statutory Demand? |
- Can I obtain an IVA if a Bankruptcy Order has been made against me? |
- What happens if I don't keep up the payments on my IVA? |
- What happens once I finish paying my IVA? |
- Can I enter an IVA if I already have CCJs against me? |
- Does it make a difference if I am a homeowner with an IVA? |
- Do I have to tell my partner if I do an IVA? |
- Does an IVA cover all of my debts? |
- What is the difference between a secured and unsecured debt? |
- Do creditors have to accept an IVA? |
- Can an individual creditor refuse to accept an IVA? |
- Will the IVA prevent my creditors taking further recovery action? |
- What if my circumstances change whilst in an IVA? |
- Can I cancel the IVA once it is set up? |
- What happens if I just stop paying into the IVA? |
- How long does it take to set up an IVA? |
- Will interest and other charges be frozen while the IVA is being set up? |
- Can a creditor take further recovery action before the IVA is approved? |
- What happens if the IVA is not approved? |
- What Does IVA Stand For? |
- How do I work out how much I can afford to pay per month in to an IVA? |
- I am considering an IVA. How does it work? |
- Do I have to attend IVA meetings, or can this all be done by post? |
- What do creditors expect from an IVA? |
- How likely is it that an IVA will be accepted? |
- Are all creditors forced to accept the IVA majority decision? |
- What happens if the creditors don't like the IVA deal? |
- What do I do if the IVA is rejected? |
- IVA - Individual Voluntary Arrangement |
- I've buried my head in the sand, now I've got a bankruptcy petition hearing next week. Can I do an IVA at this late stage?
- Will an IVA really write off all of my debts?
- Will I live in poverty for the duration of the IVA? |
- What if I win the lottery whilst in an IVA? |
- What if I get a pay rise whilst in an IVA?
- Will my IVA appear in the newspapers? |
- Will people know about my IVA? |
- Will I ever be able to get credit again after an IVA? |
- Is an IVA more expensive than just going bankrupt?
- What will happen to my house in an IVA? |
- What will happen to my furniture in an IVA? |
- What will happen to my car in an IVA? |
- I run a business. What will happen to my business in an IVA?
- Will my partner have to contribute to my IVA?
- My partner and I have joint debts. Can we lump them all together in the same IVA?
- What happens if I'm unable to keep up with the IVA payments?
- What happens at the end of the IVA arrangement?
- Are there any upfront fees with an IVA? |
- Why should I consider an IVA over bankruptcy? |
- What are the advantages of an IVA over a debt management plan? |
- How will an IVA Improve my life? |
- Is there immediate relief if I do an IVA? |
- How much debt do I need to do an IVA? |
- What types of debt can an IVA deal with? |
- Can utility bills be included in an IVA? |
- Will an IVA stop collection calls? |
- Will an IVA freeze my interest rates? |
- Will I have to sell my house if I do an IVA? |
- Will an IVA stop home repossession? |
- How will An IVA affect my home equity? |
- Can I keep my car if I do an IVA? |
- What assets might an IVA affect? |
- Will an IVA be reflected on my credit file? |
- Can I still use the credit cards I've included in an IVA? (no content) |
- Do I need to include all my creditors in an IVA? |
- Can I apply for credit while I'm in an IVA? |
- Will I need to change bank accounts in an IVA? |
- What will my monthly payment be on an IVA? |
- What if I am unable to keep up with my payments in an IVA? |
- Can my IVA payments go up? |
- Under what circumstances can I reduce my IVA payment? |
- Who will know if I do an IVA? |
- Will my landlord need to know if I do an IVA? |
- I've decided to do an IVA, should i stop paying my creditors now? |
- Will an IVA affect my employment or my ability to get a job? |
- I'm in an IVA and I've lost my job, what can I do? |
- What situations would prevent me from doing an IVA? |
- I've been told I can't do an IVA, what should I do? |
- Can I exit out of my IVA before five years? |
- Under what circumstances can an IVA proposal be rejected? |
- What percentage of IVA's are blocked by creditors? |
- What happens if my IVA fails? |
- What if I can't remortgage as per my IVA proposal? |
- Information on the IVA procedure in the UK |
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- Can I include HM Inland Revenue and Customs (TAX) debt in an IVA? |
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