chances of having to sell property ?

[john.jk]

Please can you tell me what the chances of having to sell property if a iva is taken no arrears on the mortage. Probally 25 thousand in equity ??

[Jo Rolland]

You would need to post a bit more information, but if you have in your own name 25K equity your creditors would expect you to realise a share of this.

Jo Rolland
Debt Alternatives
www.debtalternatives.co.uk

[Andrew Graveson]

Hi john and welcome to the forum,

One of the primary reasons that people choose to take an IVA to deal with their debts is that they will be able to retain their home (which might not be the case under bankruptcy).

Posting a little more detail on how much unsecured debt you have and your feeling about how much you could contribute to an IVA on a monthly basis would help the forum members to provide opinions to you as to whether an IVA would be a good solution for you.



Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[JulianSampson]

Hi John

Andrew is spot on- the key risk in bankruptcy is the loss of control of your home whereas with an IVA you may have to release equity but at least the equity (in principle) is yours to enjoy and release with the supervisor's consent.

You need to explore your financial position with someone like Andrew to establish if the equity release will be an option in the future.

It is very positive that you have no arrears on your mortgage- a really good sign of responsible conduct and I am sure you will find the right advice on this site.


Julian Sampson
Solicitor
Wright & Wright LLP
www.wrightandwright.com
See my article in Clean Slate magazine

[john.jk]

Thanks for your replies Andrew, Jo and julian
Think i may be better to talk directly to one of you ? but give will you a bit more detail ...... Starting to get into problems!!! probally have joint debts of 80 ishk on credit cards.. Opps i know.. now in the pay this credit card cheque in to pay this to pay that and this credit card to pay these cards ...etc and
Everthing is paid and upto date no arrears at all, so no problems there, just getting deeper and deeper into debt, What sort of help or advice can you give if any, Yes we have spent it and would like to pay it back as we owe it but how can we resolve this with keeping credit card companys happy without keep using them. And still pay for the other day to day bills mortage , eating, running cars, paying all the other bills, and still manage to have a house ???? Thanks John

[MelanieGiles]

If you are at the stage where you are using sources of credit to simply be able to pay for your household expenditure and to pay the monthly debt repayments, it really is time to take some professional advice as to your options.

Once you have taken your income and essential expenditure into account, do you feel that you would have any surplus income available to offer to your creditors?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[bagpuss]

Hiya .. you sound like we were....any cash (wages) coming in were going back out on bills and minimum payments on loand and credit cards...it left nothing for living....so out came the cards again.....and again....and again. The credit will run out...the debts will be bigger and the monthly payments get harder and harder.

Please do give someone a ring for real advise...there is a solution for you...its just finding the right one. i promise you will ask yourself why you didnt do it sooner.

best of luck...(ohh i'd try Melanie)

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/