Hello all,
I am in need of advice and guidance!
We are currently in a fixed rate mortgage, which is due to expire in july this year - Our mortgage company has advised us that they no longer offer fixed rate mortgages, and would have to go on to the variable rate, which currently stands at 8.12% - this would mean we would be paying an extra £265 per month - but, of course,as it would be variable, this could change on a month to month basis!
We are currently 6 months into our IVA, paying £410 per month, at a dividend of about 26p. I have spoken to our IP, who says we will have to do a new expenditure sheet ones the changes have taken plcae - but, realisticlly, it would be highly unlikley that our creditorswould accept suh a big change, and a low dividend!
At the moment, we owe £127,000 on our mortgage, but can honestly say, going from the current housing market on our street, the property would only sell for £110/£115k - which means there is negative equity, and as such, the option of geting a re-mortgage with another lender would not be an option!
Therefore, I can see no other option but becoming bankrupt! Which is such a scary thought!
Please, can anybody offer any advice, and also, let me know what would happen to us and our house if we where to be made bankrupt!
My 5 year old son has recently been diagnosed with autism, so are already in astressful situation, and am very worried thinking about what will happen to my family
