Currently in a DMP but looking for other options.

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Phil.dk

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Post by Phil.dk » Thu Aug 22, 2013 2:19 pm
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.I have debts of £50,000.A half share in a house worth £350,000.The mortgage will be paid up in 5 years.My ex will not be will not be willing to remortgage and i would prefer not to sell.I am currently in a DMP but am looking for other options.
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lem

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Post by lem » Thu Aug 22, 2013 3:38 pm
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I cannot see how an IVA would be approved as you obviously have a massive amount of equity in comparison to the debt you hold.
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Tina Shortland

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Post by Tina Shortland » Thu Aug 22, 2013 3:43 pm
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Hi Phil.dk welcome to the forum.

How much are you paying into your DMP? Depending on what dividend you could offer creditors an IVA might be an option but considering the amount of equity you have against your debts there would need to be a strong case for why you would not sell to release the funds to pay your debts off in full.

It is always worth speaking to a couple of professionals to discuss your circumstances in full to see what options you have.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
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