UK IVA's Explained >> IVA FAQs >> Could I lose my home and other possessions with an IVA?

Could I lose my home and other possessions with an IVA?

Generally speaking you are not at risk of losing your home and other possessions during the period of an IVA - Individual Voluntary Agreement.

However, if you fail to keep up with the monthly repayments due during the IVA period, you may be forced to go bankrupt and in this case your home and other possessions would be at risk.

If there is equity in your property you may have to release the equity by remortgaging the property and putting the money into your IVA. The IVA proposal should state whether this is likely to happen or not.

You should also be aware that if, during the period of the IVA, your financial situation changes, for example you get a higher paid job or inherit money, you can be forced to put additional money into the IVA in accordance with the terms and conditions set out.

 

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