cannot afford to repay my bills and survive

[scaredkez]

if there is no equity the official receiver will offer that your beneficial interest can be bought back by a third party for £1 plus solicitors costs which are approx £211, if you have equity, (the beneficial interest in BR) the official receiver again will ask if there is a third party who could purchase this for you, so if your home is worth 150k and your mortgage is 145k they will be looking at someone to purchase the BI for 5k ,they ask you to get a valuation done and they do a drive by valuation themselves to get their figures.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[glen.f]

well i owe about £137k and worth around £170k. so i need someone to pay the fifference, then i keep the house and lose the debts is that right ?

[mikebdomain]

Glen are you sure you are unable to remortgage? We have (and so do a lot of specialist mortgage brokers, including welshboy who also posts on this forum) products that will allow adverse credit history.

If you can afford your mortgage and your PCP a remortgage to release 90% you may be able to negotiate a final settlement on your loans (especially if they are in default)



FREE ADVICE IS THE BEST ADVICE

Mortgage Broker
Specialising in adverse credit.

See feedback and testimonials at: http://www.leybridge.com/testimonial.php

[glen.f]

I REMORTGAFE WITH NORTH YORKSHIRE 6 MONTHS AGO, i have paid every month but not on time, so they think that i wont be able to remortgage with them as its not ideal to off not paid them on the actual due date (its normally only 3/4 days late due to getting paid) surely it will only clear up around £10k of equity ? plus i have a clause of a few thousand pounds if i pay up early...maybe i need to discuss with them in more detail ???

[mikebdomain]

Hi glen According to my advisors you will be able to remortgage (probably not with North Yorkshire though)even with 6 months of late payments, however, it probably will not be worthwhile as you will have Early Redemption Charges (ERC's) that will eat into any equity raised, as you only remortgaged 6 months ago.

FREE ADVICE IS THE BEST ADVICE

Mortgage Broker
Specialising in adverse credit.

See feedback and testimonials at: http://www.leybridge.com/testimonial.php

[jane.l]

I think you need to really consider what your hopes for the future are, with regards the house, job, etc BEFORE deciding on either IVA or bankruptcy.

I was made bankrupt last week. My car is on a “pcp” scheme like yours and so now I am just waiting for the day when they come and take it!

We did not have any equity in our house, it was in negative equity, we could not sell it so had no choice but to walk away and leave it to be repossessed. Yes, we started off by looking into an IVA and had a proposal drawn up, but the payments rose to over
£800 per month, we could not afford that.

We had already “lost” our house so decided bankruptcy was the way forward, a fresh start!

I think an IVA is good if you are committed to paying off your debts (it sounds awful, but I am soo sick of struggling, I could not bear the thought of another 6 years of struggling!) or you want to save your house or a job.

[glen.f]

Crikey, doesnt sounds good, i really cant lose my house but until i kmow if i have got this new job (today) and how much it will be paying, i will await before i post anymore to this forum...is anyone able to give me a contact for someone in Harlow, Essex who i can sit down and review everything with properly i.e is citizens advice the best starting place ?

[scaredkez]

i would certainly give CAB a go as they do have debt specialists or someone they can refer you onto, i used my local CAB when i went BR and they were quite helpful.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[jane.l]

I went to CAB and they helped us, they did not really try to "push" us one way or the other but gave us all the options, but they did agree that with our level of debt, bankruptcy was probably the best way forward!