Debt Advice Forum | Debt Settlement Arrangement Forum | DSA Help - Have to sell your house?
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28 Posts
Posted - 12/13/2013 :  09:56:11  Show Profile  Reply with Quote
I read recently that some people have had DSAs arranged with creditors (negotiated in advance with the creditors) by a certain PIP and that the cases are now being submitted.

A couple agreed to sell their homes. Most didn't have to.

In what circumstances might you have to sell your house if you went ahead with a DSA?

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4 Posts
Posted - 12/24/2013 :  06:49:15  Show Profile  Reply with Quote
As a debt settlement arrangement is voluntary the sale of your home would have to be something you'd consent to in advance normally.

There's plenty of reasons why you might do this. For example:

There's equity in your home which you need to put a credible offer to your creditors to get the DSA agreed.

Your mortgage is very expensive and you'd be unable to contribute to a DSA with this level of expenditure.

Your circumstances have changes meaning that the home is no longer suitable for your needs.

The key point however is that there's no requirement to sell your home if you enter into a DSA and it's something that you'll decide about in advance.
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Philip Gill



18 Posts
Posted - 01/20/2014 :  10:55:18  Show Profile  Reply with Quote
As the forum advisor states, their is no requirement to sell your house, however its something that will have to be reviewed dependent upon the circumstances he has highlighted.

Most people choose to retain their properties, however another example of when to consider the sale or voluntary surrender of the property is when you have serious negative equity and you/PIP are unable to reach agreement with your bank to either reduce the outstanding mortgage payment/amount.
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