Will I lose my house if I take out a IVA?
When exploring the options for debt solutions, the issue of whether or not you will lose your house is of critical importance. For most people, this is the biggest disaster imaginable, so one of the great attractions of taking out an IVA is that you will generally not have to include your home in the agreement you make with your creditors.
When Insolvency Practitioners draw up the proposal for creditors to pay off your debts over a set period, the family home will not usually form a part of it. However, if you own a very valuable house and have substantial equity in it, they may require you to sell it and buy something smaller or cheaper. Alternatively, you might be asked to remortgage in order to release equity that can be used to pay off some of your debts.