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been told I dont qualify for iva

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kathleen1
Starting Member

1 Posts

Posted - 14 December 2008 : 20:23:59

Hi, I have debt of around Ł40,000 I have entered in the deatils for iva & have been told I dont qualify as i dont have enough desposable income, i live in a shared ownership property 50% rent & 50% mortgage, if i go bankrupt what happens to my home

Reviva UK
Advanced Member

United Kingdom
2452 Posts

Posted - 14 December 2008 : 22:38:05

Hi Kathleen1

and welcome to the forum

there are two aspects here that are important.

1. who owns the other half of the shared ownership

2. what is the value of the house, and what is your share.

The Official Receiver is not interested in your house but if there is equity in your share of the house then he would be interested in that.

Paul Johns
Assisted Bankruptcy Specialists
Reviva UK

Real People ..... Real Debt Solutions
www.revivauk.com

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