60000 debt

[rksaunders]

Hi ,unfortunately i have this massive debt , i knew it wa shigh but not this high , been ofered a loan fo this amount but thought about it it would leave me with 100 pounds per month to live on and support my children who i have had now to look after permanently. i have a mortgage of 185000 , value 235000 , will i lose my house if i can apply for iva ? with no payments to credit cards i can afford around 200 p.cm to pay hem .Will they make me sell the hous e? can i apply for iva / thanks

[chilipepper]

Hi someone who knows about all this will reply shortly, hope all sorts for you

[Viki.W]

Hey there rksaunders, welcome to the forum. You won't lose your house if you go down the IVA route however you will be expected to release equity to pay to your creditors. You have nearly enough equity to cover your debts now, please hang in there and an expert in this field will be along to advise you. X

[facingittogether]

hi, a big welcome from me too!

try not to panic (i know itis hard) but a expert will be along shortly with some honest advice for you!

there will be a way for things to get sorted for you i promise!

hang on in there and keep posting, we are all here for you!

love barb x

[MelanieGiles]

Do you own the house in your own right or is it jointly owned? Also how realistic is the valuation of £235k in today's current housing climate?

[rksaunders]

hi thanks for replie s, I own it jointly with my sister , but debt is mine .

[MelanieGiles]

Then an IVA is a possible solution for you, but you should now take advice directly from an insolvency practitioner as to all of the options available to you.

[rksaunders]

hi sorry think its realistic was around 260000 before .

[nongnaleon]

Hi
I've a massive debt like you 76,000 and my house is aroud 157000 but my mortgate is 130000.We had agreement in iva that we had to remortgate in the 4th year of iva to pay off in the term.But we've been told everything depend on we can remortgate or not or can we find the lender but in our position it seem to be we won't able to remortgate at all because our income.If we can't remortgate everything stay as original agreement and finish an iva in 5 year term.

[rksaunders]

Hi thanks for info i have been talking to a company think its called md ? anyway spoke in lenghth to some guy he said he thinks i have a good cahnce of getting a iva , said he could bring paymets toaround 200 pcm or less but he said in year 4 i would be looking to agree a payment of 14000 if i can remortgage , He values my hous online about 270k but said they would put forward 250k .
Do i have to clear my overdrats ect as i dont really want to lose my current accounts ect , also one of my creit cards has a balnce of 2000 but its my friends debt , he does pay it monthly , do ihave to put that in iva as well /? thanks , also why does one have get different company quotes ? dont they all work same way , ie they get their costs and commision forn creditors not me ?

[Viki.W]

Hey rksaunders, You will have to include ALL your debts. Also you will have to open a new bank account with a bank not connected with any of your creditors, It may be worth speaking to another IP just to compare advice, try Melanie. X

[rksaunders]

ok but how does one open a bank account if one is going to b e listed as having a iva ? do i do this before i apply for iva ? thanks

[size5]

You need a new account, where you have no debt and with no credit facilities, as soon as possible.

A good one is the Co-Op Cashminder account, you can call them on 08457 212 212, press the hash key and away you go.

Regards.

[rksaunders]

havejust opened on with halifax not related to othercards but related to mortgage . thanks .present iva company or debt management company are call me back for faxed copie sof wage slips ect ,also pay plan are calling too , will i be causing either of them inconveinance as my present one said he will be aranging a meeting wih creditors once he has all details ? thanks

[size5]

Sorry if I sound a bit thick but have you instructed 2 different organisations to work for you?