can i get iva help without losing my home ?

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raj.s

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Post by raj.s » Thu Aug 07, 2008 12:25 am
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hi i am in 60000 debt with cards + loan i have a mortgage of 185000, value of 230000 can i get ivahelp withoiut losing my home i do have children living with me
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drowning-mummy

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Post by drowning-mummy » Thu Aug 07, 2008 12:30 am
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Hi Raj,
Welcome!
Yes you can get help. And no you dont have to lose your home as long as you can afford an IVA and are not rejected one.
Keep reading on here and maybe in a couple of days have a think about contacting an IP (you need an IP to set up an IVA). You can review them here http://www.iva.com

Good luck.
"Theres always time to fly a kite....."

Visit my blog:
http://drowningmummy.blogs.iva.co.uk/?p=3
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MelanieGiles

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Post by MelanieGiles » Thu Aug 07, 2008 12:33 am
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Hi raj and welcome to the forum

You would need to discuss this more fully with an insolvency practitioner to see what options there are available to you. Is your property solely or jointly owned? And how much do you think that you could afford to pay to creditors each month?
Regards, Melanie Giles, Insolvency Practitioner
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Lisa2009

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Post by Lisa2009 » Thu Aug 07, 2008 12:35 am
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Welcome.
In an IVA, your home will be safe as long as you continue to pay your mortgage and secured debts.
However, you will be required to remortgage at some point during the term and raise some of the equity for the benefit of your creditors.

Could you please post some more details?
Are all debts unsecured?
After household bills and general expenses, how much disposable income would you have per month if you were not to pay your creditors?
Who are your creditors?
How much do you owe, roughly, to each?

Sorry to be a pain but this information would help the forum to assist you further.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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Lisa2009

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Post by Lisa2009 » Thu Aug 07, 2008 12:36 am
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LOL too slow again.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


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