advice needed.

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chezzy

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Post by chezzy » Thu Jul 10, 2008 9:05 pm
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In a bit of a quandry. We cant do a IVA because of equity in house, so are looking at a DMP,selling the house will only repay about £35,000 of our £58,000 debt, Do you think our creditors will settle for less,or will we still have to carry on paying into the DMP? Should we sell or keep paying into the dmp untill hopefully house prices improve, if ever!
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Lisa2009

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Post by Lisa2009 » Thu Jul 10, 2008 9:15 pm
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Who told you that an IVA is not suitable?
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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chezzy

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Post by chezzy » Thu Jul 10, 2008 9:18 pm
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we spoke to melanie,who was great but were told that because we had equity in the house we would probably not be accepted.
Last edited by chezzy on Thu Jul 10, 2008 9:19 pm, edited 1 time in total.
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kallis3

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Post by kallis3 » Thu Jul 10, 2008 10:02 pm
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We have about £40,000 equity in our house and got an IVA (we do have £83,000 of debt, a bit more than Chezzy - don't know if this makes a difference.)
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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Soulgrowth

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Post by Soulgrowth » Thu Jul 10, 2008 10:04 pm
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I don't understand this either!

Debbie
Debbie
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indebtforever

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Post by indebtforever » Thu Jul 10, 2008 10:06 pm
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i would have thought this would be a bonus!!are your debts unsecured?
Last edited by indebtforever on Thu Jul 10, 2008 10:09 pm, edited 1 time in total.
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Lisa2009

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Post by Lisa2009 » Thu Jul 10, 2008 10:08 pm
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I have to admit, its confused me.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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MelanieGiles

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Post by MelanieGiles » Thu Jul 10, 2008 11:08 pm
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Chezzy

It would be inappropriate for me to discuss aspects of your case in a public forum, but could you call me in the office tomorrow to discuss this again please.
Regards, Melanie Giles, Insolvency Practitioner
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Soulgrowth

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Post by Soulgrowth » Fri Jul 11, 2008 9:01 am
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Well said and addressed Melanie ... and an example of a professional response ... which I felt I nedded to comment on after recent other threads.

Debbie
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