dug a big whole finding it very hard to get out

[stevekingchef]

hi i seem to have got myself into problems with money!!i am 16.5k in debt and wonder about a iva.my problem is that i own a 50% share in my house with my mother.we have 92thousand left on morgage and a value of 220000.how would a iva affect this and i am wondering about a re morgage to but my mother is worried about that option.i have a child due in sept and want to free up as much money as i can .ive dug a big whole and finding it very hard to get out

many many thanks for your time i am hoping i have found sanctary and hope my sanity returns

steve

[emma_t]

Hi Steve and welcome to the forum

The forum has definatly been my sanctuary and support before and during my iva, and there will be a solution to your debt.

I am not qualified to answer this so stick around as I am sure an expert will be along shortly to advise.

Many congratulations on becomming a father soon, I hope all is going well for you[:)]

Kind Regards
Emma

[pixie]

Hi Steve

Welcome to the forum. With that level of equity in the house you are not technically insolvent and therefore an iva would probably not be possible. You could look into remortgaging or doing a DMP. One of the experts will be able to advise better.

[Adam Davies]

Hi
Pixie is correct,if you have a 50/50 share of the equity with your mother then you have over 60k equity and an IVA is nor possible.
You really need to look to release some equity to pay off your debts
Regards

[MelanieGiles]

The cost of borrowing that sort of money on a mortgage, compared to the interest rates you are currently paying, ought to make a remortgage an attractive form of consolidation - just make sure you don't revert back to using the original debts again.