Property within the Solutions
If you own your property, then this will need to be taken into consideration in an IVA or a Trust Deed. The reason for this is that when Creditfix help you to prepare an insolvency proposal to your creditors, we are asking them to write off a percentage of your debt. This is as an alternative to bankruptcy, where you property would need to be sold to raise funds for your creditors.
Because the aim of an IVA or a Trust Deed is to allow you to keep your property, we will propose in the arrangement that you will look to remortgage your property to release some of the equity available.
This is only likely to be the case where there is more than around £5,000 of available equity in the property. It is also unlikely that you will be approved for a remortgage due to your financial history. In the cases where there is enough equity to attempt a remortgage, but this is not available, your arrangement will be extended, usually by 12 months.
If you need more information about the options available to you in dealing with your debt, you can always speak confidentially with one of our friendly advisors on 0808 2085 198.